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Janet Yellen says gasoline tax holiday worth considering as anti-inflation

Yellen said that research suggested that there was likely a higher pass-through rate for cutting higher state fuel taxes than the generally lower federal taxes

Janet Yellen
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US Treasury Secretary Janet Yellen said on Monday that a gasoline tax holiday should be considered as a way to address inflation (Photo: Reuters/File)

Reuters Toronto
U.S. Treasury Secretary Janet Yellen said on Monday that a gasoline tax holiday should be considered as a way to address inflation, even if it is "not perfect" and may not result in all of the reduction passed on to consumers.

Yellen, speaking to reporters after meetings with Canadian Finance Minister Chrystia Freeland in Toronto, said that research suggested that there was likely a higher pass-through rate for cutting higher state fuel taxes than the generally lower federal taxes of 18.4 cents a gallon for gasoline and 24.4 cents for diesel. The levels are unchanged since 1993.

"I think the research suggests

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First Published: Jun 21 2022 | 9:33 AM IST

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