If Republicans win in midterm elections, watch for action on gas tax holiday, child tax credit and crime, expert says

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If Republicans regain control of Congress in the November midterm elections, what could a divided Washington end up providing?

Republican and Democrat politicians may “feel they need to do something” about inflation, so “you could see a move to suspend or reduce the federal gas tax,” said Yuval Levin, an American expert. Conservative-leaning Enterprise Institute.

The White House said earlier that a RB00 of gasoline,
-1.46%
Tax surplus is an option that is being considered, as the Biden administration seeks to relieve Americans of high prices, although analysts have warned that doing so with this tax would eliminate the funds it is supposed to which should be necessary for the PAVE of important infrastructures.
-2.82%
projects.

The annual inflation rate rose to 8.6% in May, exceeding forecasts and setting a new high of 40 years. High gasoline and food prices, as well as rising rents, helped boost the latest consumer price index, or CPI.

“There may be room for a commitment to family policy,” Levin also said in a statement Monday during a bipartisan policy center event entitled “Previewing a Potential Republican Congress.”

Republican Sen. Mitt Romney’s child benefit proposal “won some support from both Democrats and Republicans, and I think it could be an area where one could think about reforming or transforming the tax credit for children on the line. which he proposed “.

The Biden White House in December was open to working with Romney on child tax payments as Utah lawmakers called for a bipartisan approach to the issue. Romney has proposed a program similar to CTC’s monthly payments that ended last year due to opposition from Democratic Sen. Joe Manchin of West Virginia, who also criticized other parts of President Joe Biden’s Build Back Better plan.

Levin noted that the bipartisan agreement on new arms security measures reached over the weekend involves strengthening local and state authorities, and that this approach could be stronger after the midterm elections. .

“In the case of crime, we can see some action, because crime is an area where it is again possible to operate by empowering local authorities and giving them options, and there may be room for compromise,” he said. say Levin, whose title at AEI is director of social, cultural and constitutional studies and chair of public policy Beth and Ravenel Curry.

“And, in fact, President Biden has real experience on this front as a legislator in advancing ideas that gained a lot of Republican support in the 1990s.”

Of course, Levin said it is “difficult” to predict what a divided Washington could achieve, and sees a high probability of little action next year as both sides begin to focus on the 2024 presidential election.

“You’ll also see a lot of posts and a lot of messaging bills where Republicans are just trying to put Democrats in a difficult position for 2024. It’s hard to avoid thinking that’s a lot of what a Republican Congress would end up doing,” he said.

Republicans are expected to regain control of the U.S. House of Representatives in the midterm elections, and the GOP also has a good chance of regaining the Senate 50-50.

I will see: Republicans can win not only the House but also the Senate in the midterm elections: here are the 2022 Senate races to see

And read: Biden talks about efforts to tame high prices as analysts see “dirty” midterm elections unless inflation slows

US SPX shares,
-2.60%

DJIA,
-1.84%
It fell sharply on Monday as financial markets continued to fall due to a surprise acceleration in inflation a few days before a decision on Federal Reserve interest rates.



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