President Biden on Wednesday announced his support for a three-month federal gas tax holiday, or a suspension of the federal gasoline tax, in hopes of mitigating rising energy prices plaguing Americans nationwide. But even if such a measure passed Congress (which it's unlikely to do, as Politico notes), would it actually make a difference?

Politically, it could offer a boon to Biden

A gas tax holiday would be "politically popular" (remember, it's an election year!) and also "allow the White House to show that Biden is taking tangible action to address one of the biggest headaches facing families," Matt Egan recently wrote in CNN. Though relief would be "modest," a tax holiday on fuel could lower retail prices by as much as 18 cents per gallon of gas and 24 cents per gallon of diesel. At the very least, a tax holiday could cut families some sort of break while the administration works on a more permanent fix, per NPR.

This won't actually make a difference — in wallets or in the polls

But speaking of modest relief … 

With potential savings that clock in at "less than 5 percent of the total cost" at the pump, some experts worry "consumers may not even notice" a tax holiday, wrote The New York Times. And maybe, those who do would be the wrong ones. Though gasoline accounts for a greater share of working Americans' expenditures, "rich people spend much more money on gas than poor people," Henry Grabar argued for Slate in March. That means "there are fairer ways to help low-income Americans make ends meet — and smarter ways to target gas price relief to help important, inflation-fueling industries like agriculture and shipping."

It will just make prices, and inflation, worse

In addition to having perhaps just a modest effect on wallets, "almost everything about a gas tax holiday runs in the wrong direction," including its overall effect on prices, Senior Contributor Howard Gleckman mused for Forbes on Wednesday. While a tax suspension...

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