SPRINGFIELD, Mass. (WWLP) – Fears of a recession remain high among Americans as inflation continues to skyrocket but a possible federal gas tax holiday may be able to provide some relief.
A federal gas tax holiday is being proposed as the national average for a gallon of gas hovers around $5 per gallon. Over the weekend, Treasury Secretary Janet Yellen said a tax holiday “is certainly an idea worth considering.” The federal tax price is currently just over 18 cents per gallon, in comparison to Massachusetts’ state gas tax, which is about 24 cents a gallon.
As Democrats push for the suspension, Republicans are opposed claiming it would be a non-solution that would also take away from infrastructure funding. 22News spoke to one Springfield man who says any amount of savings helps.
“I mean I’d be in favor of some cheaper prices in general for sure. So, I mean if that’s what they got to do to give us a break, then I say go for it,” said Ben from Springfield.
Back in March, several lawmakers floated the idea of a federal gas tax holiday as bans on Russian oil imports led to a spike in prices. A bill was introduced to suspend the gas tax through the end of 2023. As of Sunday, that bill was referred to the Committee on Ways and Means.
President Biden said he’s considering a federal holiday on the gasoline tax, a move that’s been rejected by the Massachusetts state legislature. Should the President move ahead with the federal gas tax holiday, he’ll have his decision by the end of the week. A Federal Gas Tax holiday would save us more than eighteen cents a gallon.