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Biden wants a Federal gas tax holiday

Gas prices are too high. Almost everyone agrees on that. How to address it is another story entirely.

President Joe Biden waded more forcefully into the debate on Wednesday, pitching a temporary gasoline tax holiday as a prudent step forward.

By suspending the 18-cent gas tax, federal gas tax, for the next 90 days, we can bring down the price of gas and give families just a little bit of relief, Biden said in a speech from the White House.

But such a step is a long shot in Congress. Here's what you need to know about the President's proposal and why it's likely to stay just that.

A gas tax holiday is exactly what it sounds like. The typical taxes that are applied to purchases of gasoline and diesel are lifted for a period of time, offering a measure of relief to consumers.

These tax holidays can come from the federal government, state governments or both.

Revenue raised from the federal gas tax helps finance the Highway Trust Fund, which is already short on funding.

The federal gas tax hasn't been increased since 1993, when gas was selling for just over $1 a gallon.

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