promoearn: The Daily Money: How much relief will Biden's gas tax holiday give us?

Wednesday, June 22, 2022

The Daily Money: How much relief will Biden's gas tax holiday give us?

ALL THE MONEY NEWS YOU NEED TO KNOW

Wednesday, June 22

Good morning and happy Wednesday, Daily Money readers. It's Jayme Deerwester, back with you.

There may be some relief coming for U.S. drivers: In response to the high gas prices pummeling drivers at the pump, President Joe Biden on Wednesday called on Congress to temporarily halt the federal tax on gas through September and asked states, which have their own gas taxes, to take similar action. But how long will it last and how much will it save? More on that below.

In even more delightful news, your next trip to Kentucky Fried Chicken is about to be more fun. The chain has come out with Finger Sporks, utensils that not only combine the best of the spoon and fork, but can be worn on an index finger.

Biden proposes gas holiday: What are gas taxes and what do they pay for?

The federal government levies a tax of 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel fuel, with most of that money going toward highway infrastructure. On top of that, states have their own gas taxes. The state taxes vary, but cost an average of 26.2 cents per gallon on gasoline and 26.7 cents per gallon on diesel.

Biden's proposal of a three-month federal gas tax holiday, which requires congressional approval, would act as "a little extra breathing room" for Americans dealing with record high gas prices, the White House said in its statement.

The White House wants Congress to offset the would-be $10 million loss of highway funds caused by the gas tax holiday with other federal tax revenue, arguing that with the federal government's deficit down by $1.6 trillion this year, the U.S. can afford it.

Don't get too excited yet: The gas tax holiday will need 60 votes to clear the Senate and faces critics in Biden's own party.

Why do so few LGBTQ executives lead America's largest companies?

Few companies encourage self-reporting or track LGBTQ representation at the board level. And, despite the flashy rainbow-colored celebrations companies put on each year during Pride Month, few openly gay leaders – and even fewer gay people of color – serve on corporate boards, according to a USA TODAY analysis of information collected by data firm DiversIQ.

Of the 128 S&P 500 companies that disclose LGBTQ representation on boards, just 46 had one LGBTQ member and five had two. Most had none at all, the USA TODAY analysis of 2022 data shows. Only 34 companies identify individual board members who are LGBTQ. Even fewer – just 26 – publicly share how many employees self-identify as LGTBQ.

"LGBTQ has fallen off the radar," said Sarah Kate Ellis, president and CEO of advocacy organization GLAAD. "Representation matters dearly and deeply. If people are not seeing themselves in CEO spots or on boards, they are not going to even think that is an option for them."

🎵 Mood music 🎵

Remember Timbuk 3? The band that did "Future's So Bright, I Gotta Wear Shades?" Well, they also wrote an ode to Popeye's Cajun rice.

"Smell the rich aroma: a fragrance to entice. Of dirty deep fried chicken and dirty dirty rice. Dirty deep-fried chicken and dirty dirty rice."

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist a listen. It features every song quoted here.

Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!)