President Trump has expressed his intent to suspend the federal gas tax for a limited period, aiming to alleviate high fuel prices that have surged in response to the Iran war. The revenue from the taxes funds the federal government's highway trust fund, as well as other transit projects, but temporarily suspending the tax could lead to significant financial losses for the government. In contrast, the proposed bailout of US air carriers has been dismissed by the president, despite their concerns over soaring jet fuel prices.
President Trump aims to suspend the federal gas tax for a period of time in a bid to reduce soaring fuel prices that have surged over 50% since the start of the Iran war in February.
However, suspending the excise taxes, which contribute to the federal government's revenue and highway trust fund, would cost about half a billion dollars a week. Several Democratic lawmakers have already introduced legislation to either pause or lower the federal gas tax. A bailout for US air carriers, which face rising jet fuel costs in the wake of the Iran conflict, has been rejected by the president.
He maintains that the airlines are doing well and that he knew Iran would close the Strait of Hormuz, posing a major threat to global oil supplies
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