With Americans still reeling from record-high gas prices, a few Stimulus Check suggestions have circulated in Congress to provide some comfort to Americans.
Los Angeles became the first big city in the United States to achieve a petrol price of $6 or more on Tuesday. According to GasBuddy, the national average gas price in the United States is starting to fall after reaching a high of $4.35 per gallon on March 10.
Some plans include a stimulus package, while others would levy a tax on oil firms. Reps. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois have proposed a bill.
$100 Stimulus Check For Americans
The Gas Reimbursement Act of 2022 proposes that Americans get a $100 energy rebate each month (plus $100 for each dependant) for the rest of 2022 in any month where national avg gas prices surpass $4.00 per gallon. The refund will be tapered down, in the same way as the most recent stimulus checks were phased out, with single filers earning $75,000 or less receiving $100. The other component adds a $100 surcharge for joint filers with income over $150,000, which is tapered off at $160,000. The Stop Gas Price Gouging Tax and Rebate Act was sponsored by Rep. Peter DeFazio of Oregon.
“The measure would impose a windfall taxation on excess corporate earnings and return the cash to American patrons in terms of a tax refund,” according to the bill’s summary. Companies will pay a one-time, 50 percent windfall profit tax in 2022 if their adjusted taxable income (ATI) surpasses 110 percent of their average ATI between 2015 and 2019, according to his plan. According to DeFazio, the windfall profit tax revenue will be returned to consumers in the form of a monthly, advanced, and refundable tax credit that will be tapered down as income rises.
He claims that the criteria for the stimulus checks, which were contained in the American Rescue Plan, are the same.