Biden Calls For 3-Mth Suspension Of Gas, Diesel Taxes
Business Standard|June 23, 2022
President Joe Biden on Wednesday will call on Congress to suspend federal gasoline and diesel taxes for three months a move meant to ease financial pressures at the pump that also reveals the political toxicity of high gas prices in an election year.
Biden Calls For 3-Mth Suspension Of Gas, Diesel Taxes

The Democratic president will also call on states to suspend their own gas taxes or provide similar relief, the White House said.

At issue is the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump when prices are averaging about $5 a gallon nationwide.

But many economists and lawmakers from both parties view the idea of a gas tax holiday with skepticism.

This story is from the June 23, 2022 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the June 23, 2022 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BUSINESS STANDARDView All
Business Standard

Enhance portfolio resilience by investing in MNC fund

When the equity markets turn volatile, investors look for funds that can weather difficult times.

time-read
2 mins  |
March 29, 2024
Business Standard

Listing plans of housing finance arm spur Bajaj Fin

Stock trading higher for seventh straight day, rallied 13% over past two weeks

time-read
2 mins  |
March 29, 2024
Business Standard

Valuation concerns may limit gains for Phoenix Mills

From its highs last month, the stock of mall developer and commercial real estate major, The Phoenix Mills is down about 5 per cent.

time-read
2 mins  |
March 29, 2024
Business Standard

Sebi cancels registration of Karvy

Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday cancelled the registration of Karvy Investor Services Ltd (KISL) as a merchant banker for breach of eligibility criteria.

time-read
1 min  |
March 29, 2024
Business Standard

48% active largecap funds outperformed last year

The active largecap mutual fund (MF) schemes showed an improved performance in calendar year 2023 compared to their longer-term track record, according to the S&P Indices Versus Active Funds (SPIVA) report.

time-read
1 min  |
March 29, 2024
Business Standard

Zerodha Fund House AUM up by ₹500 cr in 40 days

Zerodha Fund House, a between joint venture Zerodha and smallcase, witnessed substantial growth with its Assets Under Management (AUM) surging ₹500 crore in just 40 days, taking the total tally to cross ₹1,000-crore mark.

time-read
1 min  |
March 29, 2024
ICICI Securities gets approval from shareholders for delisting
Business Standard

ICICI Securities gets approval from shareholders for delisting

Broking and investment banking outfit ICICI Securities has secured shareholders' approval to delist the stock.

time-read
2 mins  |
March 29, 2024
Day 1: T+0 settlement sees token trades
Business Standard

Day 1: T+0 settlement sees token trades

The domestic markets on Thursday successfully conducted trades under the new same-day (T+0) settlement framework.

time-read
2 mins  |
March 29, 2024
Strong global cues lift domestic mkts
Business Standard

Strong global cues lift domestic mkts

Nifty, Sensex rise 0.9% each, up 2.3% in last six sessions

time-read
2 mins  |
March 29, 2024
Business Standard

IPL 17 opener breaks viewership record

The 17th edition of the Indian Premier League (IPL) opened to blockbuster viewership numbers with 168 million viewers tuning in to watch the season's first game between Chennai Super Kings and Royal Challengers Bengaluru on March 22, the tournament's official broadcaster said on Thursday.

time-read
1 min  |
March 29, 2024