|
Getting your Trinity Audio player ready...
|
(NEWSMAX) President Donald Trump said Monday he wants to temporarily suspend the federal gas tax as Americans face surging fuel prices tied to the Iran war.
In a phone interview with CBS News, Trump said the tax break would remain in place until prices begin falling again.
Tax Advisor: Cut your personal taxes to zero using legal loopholes, See More Here
“And yep, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in,” Trump said. “We’ll be doing something on that.”
The federal excise tax currently adds 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel fuel. Suspending the tax would require approval from Congress, which has previously shown little appetite for a gas tax holiday.
Fuel prices have jumped more than 50% since the Iran war began Feb. 28, with the national average topping $4.52 per gallon Sunday, according to AAA.
Famed Mind Doctor: Slash Your Risk of Alzheimer’s with 3 Approaches, See More Here
Analysts warn prices could remain elevated as Iran continues threatening access through the Strait of Hormuz, a key global oil shipping route.
Trump blasted Tehran’s latest response to a U.S. peace proposal, saying Iran offered some concessions on its nuclear program but “not enough.” He called the proposal from Tehran “very stupid.”
The president’s remarks came one day after Energy Secretary Chris Wright signaled the administration would back suspending the gas tax if it helps ease pressure on consumers.
“All measures that can be taken to lower the price at the pump and lower the prices for Americans, this administration is in support of,” Wright said Sunday on NBC’s “Meet the Press.”
