How tax credits can help fight soaring fossil fuel prices — and climate change

As Americans prepare to celebrate the Fourth of July, people in highway rest stops and grocery stores across the country this weekend will be feeling the pain of near record-high gas prices and soaring inflation.

President Biden has proposed a tax holiday that would suspend the federal gas tax for three months. But a far better solution — for people and the planet — would be for Congress to provide direct support to families and enact key tax credits that will help Americans save money in the near term, while also providing greater economic and energy security in the future.

High prices may be taking a toll on consumers, but this is just a preview of the damage that unmitigated climate change will take on the economy — and our wallets.