In United States politics, the gas tax holiday or the gas tax loophole was originally a 2008 proposal made by presidential contenders Arizona Senator John McCain and New York Senator Hillary Clinton to suspend the federal excise tax on gasoline from Memorial Day to Labor Day in the year 2008. Proponents argued that this could reduce the gas price at the pump by about 18.4 cents a gallon for regular unleaded gasoline and 24.4 cents a gallon for diesel. If it were done, it was estimated the gas tax holiday would save consumers roughly $30 over the three-month period it would be instated.[1] However, Barack Obama and others argued that the oil companies would not significantly lower prices and would instead pocket most of the tax cut, effectively turning the cut into a tax loophole.[2]
In 2022, President Joe Biden made a similar proposal amid a wave of inflation.
^Broder, John M. (April 29, 2008). "Democrats Divided Over Gas Tax Break". The New York Times. Washington.
^"Homepage" (PDF). Joseph Doyle. Archived from the original on June 24, 2008.
In United States politics, the gastaxholiday or the gastax loophole was originally a 2008 proposal made by presidential contenders Arizona Senator John...
gallon for gas and 60.29 cents per gallon for diesel. The first US state to tax fuel was Oregon, introduced on February 25, 1919. It was a 1¢/gal tax. In the...
fuel tax (also known as a petrol, gasoline or gastax, or as a fuel duty) is an excise tax imposed on the sale of fuel. In most countries the fuel tax is...
monthlong taxholiday expires". The Baltimore Sun. Retrieved June 16, 2023. Greene, Julie E. (March 17, 2022). "Maryland set to get break on gastax, but for...
2022-07-11. "A gastaxholiday may not lead to savings for Virginia drivers". WVTF. 2022-03-30. Retrieved 2022-08-25. "Youngkin wants gastaxholiday for Virginia...
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production in Minnesota. He co-authored legislation in 2022 to propose a gastaxholiday due to rising costs and inflation. Lislegard has opposed "right to...
Angeles Times. Alvarado, Kitty (June 22, 2022). "Economist says Biden's gastaxholiday could boost local economy". KPBS. The San Diego Union-Tribune Editorial...
prosperity. The top 10–15 GDP-per-capita countries, excluding oil and gas exporters, are tax havens. Because of § Inflated GDP-per-capita (due to accounting...
Responsibility Act of 2011; H.R.2000, the SAVE Act of 2011: H.R. 1889, the GasTaxHoliday Act; and H.R.1434, the International Child Protection Act of 2011....
federal gastaxes, claiming that it would hurt consumers, hinder highway construction, and endanger jobs. Obama criticized the idea of a gastax "holiday" as...
state's 30-day gastaxholiday by an additional 90 days. In May 2022, Governor Hogan wrote to Franchot asking him to suspend the mandated gastax increase,...
on gas, a 45¢ tax per pack of cigarettes, a 79¢ tax per gallon on wine, and a 53¢ tax per gallon on beer. Most non-prepared food purchases are taxed at...
energy taxes in reducing greenhouse gas emissions and mitigating the impact of climate change, while economists highlight the benefits of the taxes on the...
President Biden calls on Congress to pass a three-month-long gas and diesel taxholiday as a proposal to lower the cost of fuel. June 21 The Supreme Court...
High Watch, formerly named Holiday House but locally known as the Harkness House, is an 11,000 square feet (1,000 m2) home situated in Watch Hill, a historic...
heavily on proceeds from oil and natural gas corporations, who themselves are mostly state owned. In 2006 the tax burden on oil companies exceeded 45 percent...
Corporate haven, corporate tax haven, or multinational tax haven is used to describe a jurisdiction that multinational corporations find attractive for...
A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by third...
In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare. Economists distinguish between the...
outspent by Obama in both states. Clinton made her proposal of a summer gastaxholiday a central part of her campaigning. Obama opposed the notion, and it...
twice as expensive as in the country of origin. Additionally, gas refills include 65% fuel tax. Owning a car that would cost US$7,500 to purchase (in the...
An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than...
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