A few ‘gas stimulus check’ proposals introduced
Gas Rebate Act
Representatives Mike Thompson, John Larson, and Lauren Underwood have tabled the Gas Rebate Act, which proposes giving qualifying Americans $100 a month until the end of 2022 “in any month where the national average gas prices exceed $4.00 per gallon”. Households would also get a further $100 per dependent.
Big Oil Windfall Profits Tax
Representative Ro Khanna and Senator Sheldon Whitehouse have proposed the Big Oil Windfall Profits Tax, under which large oil companies would be charged a 50% levy on the difference between the current and pre-pandemic price of a barrel of oil – a scheme they calculate could raise around $45bn a year.
For eligible Americans, this would translate into an estimated annual payment of about $240.
Stop Gas Price Gouging Tax and Rebate Act
Congressman Peter DeFazio’s Stop Gas Price Gouging Tax and Rebate Act would levy a 50% tax on any income accrued by major oil companies that exceeds 110% of their average annual earnings between 2015 and 2019.
The funds raised by the tax would then be distributed to people in the US as part of a “monthly, advanced, and refundable tax credit that will be phased out by income”.
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