Statewide Iowa — U.S. Senate candidate Abby Finkenauer is calling on congress and the Biden Administration to close a corporate tax loophole and temporarily suspend the federal gas tax.
According to Triple-A, the average price in Iowa for unleaded gasoline is three-dollars-and-14 cents a gallon. Finkenauer, a Democrat from Cedar Rapids, says the 18-point-four cents per gallon tax should be suspended while oil companies are investigated over allegations of price gouging.
In 2008, presidential candidates Hillary Clinton and John McCain both proposed a gas tax holiday, while Barack Obama called the proposal a short-term quick fix that did nothing to address underlying problems in the market. Finkenauer says she’s not calling for getting rid of the federal tax forever, but a temporary suspension.
To make up for the reduction in the federal gas taxes that pay for transportation projects, Finkenauer says congress should immediately close tax loopholes for American corporations that outsource jobs to other countries. Finkenauer is one of four Democrats running for their party’s 2022 U.S. Senate nomination and the chance to challenge Republican Senator Chuck Grassley’s bid for an eighth term.
