Biden’s gas tax holiday may not lower prices at the pump

Suspending the federal gasoline tax may sound like welcome relief for US drivers paying some of the highest pump prices on record right as the summer travel season kicks into high gear. But experts warn it could bring mixed results — or even higher gas prices at the end. On Wednesday, President Joe Biden issued … Read more

Manchin opposing energy payments seen blunting value of tax credits

Senator Joe Manchin’s opposition to giving clean-energy developers direct payments may significantly reduce the tax credits they could get from Democrats’ reconciliation package, according to analysts. The West Virginia Democrat is opposed to making the credits refundable, the so-called direct-pay option that would let developers avoid undertaking complicated tax-equity financing, according to two people familiar … Read more

Manchin says EV tax credit bonus is gone from spending bill

Senate Democrats have scrapped a $4,500 bonus tax credit for electric vehicles made with domestic union labor that was opposed by Senator Joe Manchin as they seek to wrap up negotiations on a spending deal. “It’s gone,” Manchin said in an interview at the Capitol Tuesday. The Build Back Better legislation passed last year in … Read more

Biden ally floats 21% surtax on oil profits to blunt inflation

Oil companies that record a profit margin better than 10% would face a new federal surtax under a plan developed by a key senator, as Democrats and the White House struggle to curb US energy costs and broader inflation. The proposal by Senator Ron Wyden, an Oregon Democrat who chairs the tax-writing Finance Committee, would … Read more