What Republicans said about suspending gas tax under Biden. “This is one of the dumbest things I’ve ever heard of.” “…yet another gimmick, another Band-Aid” “That spikes inflation even more. That’s why this is treacherous. This is wrong, and we can’t let it happen.”
Source: mafco
6 Comments
The only thing they are consistent about is being consistently full of shit.
Almost like Hormuz wasn’t closed at the time
As the saying goes, if it were not for double standards they would not have any standards at all.
But this time its being suggested by Republicans so the opposite is true. And they actually think that no one will see the irony.
These are fixed taxes; they don’t change based on the cost per gallon of fuel. A full suspension of both gasoline and diesel taxes is estimated to cost approximately $3.5 billion per month. If suspended for a full year, the direct lost revenue totals roughly $42 billion.
This lost revenue will just increase our national debt, adding a permanent $1.4 billion annual interest payment to the federal budget until the principal is repaid, which we all know they will never bother to do.
Economic modeling suggests that due to supply constraints, consumers typically see only 60% to 72% of the tax cut at the pump, while the remainder is absorbed by producers and retailers through higher pre-tax prices.
So lose/lose, and the price will still be too high for most households to ignore.
This gas issue is not going to end anytime soon. This is putting a bandaid on a gunshot, it means nothing. Big gas’s is making billions for this, how about cap their profits during this time? trump has no idea how to run a business let alone a country, and you get shit policies to try to make up for his incompetence.