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Treasury Calls for Gas Tax Cut Amid Food Price Surge

6/5/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent testified before the Ways and Means Committee Thursday, urging Congress to drop the gas tax.
Lawmakers said tomato prices rose 40% and bread and milk costs jumped up to 80%.
A June Gallup poll found 16% of consumers rate the economy as good or excellent.
Chair Jason Smith said equipment investment rose 17% and intellectual-property investment rose 11% in Q1 2026, calling tax cuts pro-growth.

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Story summary

U.S. Treasury Secretary Scott Bessent testified before the Ways and Means Committee Thursday, urging Congress to drop the gas tax.
Lawmakers said tomato prices rose 40% and bread and milk costs jumped up to 80%.
A June Gallup poll found 16% of consumers rate the economy as good or excellent.
Chair Jason Smith said equipment investment rose 17% and intellectual-property investment rose 11% in Q1 2026, calling tax cuts pro-growth.