Stimulus Check Update: Democrats Have Decided To Tax Oil Firms

Inflation Reduction Act

The last few weeks have seen an increase in the calls for stimulus check payment due to the rise in gas prices. Now, Congress has officially held on to a bill that could issue out a fourth stimulus payment to the Americans. This bill will be coming from the Democratic end, and if it were to be approved, it would be sending quarterly stimulus payments to several households throughout the country. 

Stimulus Check Payment To Be Made By Taxing Oil Companies

Representatives Ro Khanna and Sheldon Whitehouse went ahead and put up a bill the previous week that would see the large oil companies being taxed. After taxation, this money would be used to push out a new stimulus check payment for the citizens of the country. This bill has been co-sponsored by Senators Elizabeth Warren, Bernie Sanders, Sherrod Brown, and Michael Bennet. 

The new stimulus check bill also proposes the levying of a new tax on the largest oil companies in the country- that usually produce or import up to 300,000 barrels of oil in a single day. The main prerogative behind such a tax has been to equate around 50% of the difference between the current price of a barrel of gasoline, and the average price for a gallon between 2015 and 2019. 

This tax money will then be used to provide for another stimulus check payment to the Americans who are currently trying to stay abreast in this inflationary market. Specifically, this payment will mostly be sent quarterly to those taxpayers that have an annual income of $75,000. One needs to remember that the amount of stimulus payment one would receive depends on the price of oil.

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