The price of gas and energy is rising all over the world with time and since the time Russia declared war on Ukraine, the price has even increased further. The U.S. has authorized several sanctions against Russia after it invaded Ukraine and thus the price of gas in the country America has increased in a very short period of time. Thus, the majority of the people in America are demanding a new stimulus check from the Government as well as the initiative to decrease the breakage in tax at both the state and federal levels.
How This New Gas Stimulus Check Would Work?
The new stimulus check demanded by the people is not only to cover the cost of gas but also for other household purposes. The stimulus check proposal for gas money has been recently brought by three lawmakers from the Democratic and would work exactly like IRS used to distribute stimulus checks to the people.
The Gas Rebate Act of 2022 was proposed by Lauren Underwood, Mike Thompson, and John Larson and as per the Act, each eligible person will be sent $100 each month when the price of gas will be more than $4 for each gallon. Moreover, for every dependent, another $100 will be provided. This program would get started by this year’s end.
A single taxpayer with income less than $75,000 annually will receive the rebate and in case the annual income is above $80,000, then though the person will get a stimulus check, it will be less. Another bill was introduced by Peter DeFazio, a Congressman from Oregon, known as the Stop Gas Price Tax and Rebate Act with the objective of imposing more tax on the big corporate companies that extract and supply oil. As per the bill, 50% of tax would be imposed on these companies from their net profit.