With Americans still grieving from record-high gas prices, a few stimulus check ideas have been floating around Congress and elsewhere to provide consumers some relief.
On Tuesday, Los Angeles became the first major city in the United States to have a gasoline price of $6 or more. The national average gas price in the United States is started to decline, according to GasBuddy, after reaching a high of $4.35 per gallon on March 10.
Some of the proposals include a stimulus check package, while others propose a tax on oil companies. A proposal has been submitted by Reps. John Larson (Connecticut), Lauren Underwood (Illinois), and Mike Thompson (California).
Americans May Receive $100 Stimulus Check Each Month
In every month that national avg gas prices exceed $4.00 per gallon, the Gas Reimbursement Act of 2022 proposes that Americans get a $100 energy refund (plus $100 for each dependent) for the remainder of 2022.
The refund amount will gradually decrease, similar to how the most recent stimulus payments were phased out, with single taxpayers earning below $75,000 get $100. The other component imposes a $100 fee on joint filers with income over $150,000, which gradually decreases when income exceeds $160,000. Rep. Peter DeFazio of Oregon introduced the Stop Gas Price Gouging Tax and Rebate Act.
According to the bill’s synopsis, “the plan would levy windfall taxes on excess corporate revenues and return the cash to American patrons in the form of a tax refund.” According to his idea, companies would pay a one-time, 50% windfall profit tax in 2022 if their adjusted taxable income (ATI) exceeds 110 percent of their average ATI between 2015 and 2019. The windfall profit tax money, according to DeFazio, will be returned to consumers in the form of a monthly, advanced, and refundable tax credit that will taper down as income grows.
He maintains that the criteria for stimulus checks are the same as those in the American Rescue Plan (ARP).