Stimulus Check 2022 Update- A Federal Gas Tax Holiday Could Mean A Lot

Stimulus Check

For the last few months, most of the drivers across the country have been facing relatively eye-popping prices when they fill their tanks up and in such a case, a stimulus check payment could help them out a lot. Now, the President of the country- Joe Biden- has decided upon a new remedy in the form of a federal gas tax holiday.

Currently, a gallon of gas costs around $4.97- as mentioned by the AAA. This is quite an improvement from the prices that were set earlier- when the national average crossed the threshold of $5 for the first time. But the prices are also up from a sum of $4.59 a month ago, along with a $3.07 a year ago. 

Stimulus Check Payment In The Form of a Federal Gas Tax

The federal gas tax amounts to 18.4 cents per gallon- while all the states have separately imposed their levies. In February, Maggie Hassan of New Hampshire, and Mark Kelly of Arizona, the Senators from the Democratic end went on to propose a bill that would see to the suspension of the federal gas tax through the end of the year- which could work as a stimulus check payment. Currently, this idea is receiving a lot of attention from the administration under Biden, with Janet Yellen, the Secretary of Treasury, calling it an idea that was worth being considered.

On the other hand, the idea of suspending the federal gas tax temporarily has drawn some major criticism. A report published from the Penn Wharton Budget Model at the University of Pennsylvania in March found out the stimulus check savings from such a break would not be very substantial for the consumers. The savings per person might just be $50 if it were implemented in March, as mentioned by Kent Smetters, a professor at the University of Pennsylvania’s Wharton School, informed CNBC at the time.

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