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Trump Proposes Suspending Federal Gasoline Tax, Costing Billions Monthly

GateNews
Commodities

According to independent budget analysts, on Tuesday, May 12, Trump proposed suspending the federal gasoline tax of 18.4 cents per gallon “until the time is right.” The Committee for a Responsible Federal Budget estimates the suspension will cost the federal government approximately $3.5 billion monthly in gasoline and diesel tax revenue, though other tax increases from economic stimulus effects could offset about $1 billion. A separate analysis by the nonpartisan Policy Center shows the government will lose an average of approximately $2.5 billion in gasoline tax revenue and $900 million in diesel tax revenue monthly.

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