While the fuel price has constantly fluctuated due to geopolitical events, we never fail to be shocked. This could be because paying more at the pump is so inconvenient. Representatives from Congress have introduced a law to assist alleviate the suffering. Furthermore, several states are already on the case, providing financial assistance to people most likely to be affected by rising gas costs.
Here’s a quick overview of what’s going on right now.
Three Democrats proposed the Gas Rebate Act of 2022 in Congress: Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois. Here’s how it would work if it passed: Millions of Americans would receive a $100 monthly energy rebate to help offset the high cost of gasoline. Families who qualify would receive $100 for each dependent.
Previous stimulus money deposited into bank accounts around the country closely matches income criteria. Single filers with incomes up to $75,000 and married filers filing jointly with incomes up to $150,000 would receive the total payout. Just as in previous payments, there will be phase-out levels for individuals who earn more.
“Americans are feeling the impact at the pump of Vladimir Putin’s illegitimate invasion of Ukraine. Right now, we must work together on practical policy measures to lessen the financial burden that my people are facing,” Representative Thompson said.
While the law may pass the House of Representatives due to the Democratic majority, it will require some maneuvering to pass the Senate, which is evenly divided. Even though we are dealing with the same issues, the two parties are still trapped in partisanship, which the forthcoming midterm elections will exacerbate.
States have already begun to assist.
According to the state legislature, gas taxes in the Constitution State have been delayed until June 30, 2022.
The Georgia legislature enacted a bill postponing motor gasoline excise taxes collection until May 31, 2022.
Idaho residents will receive a $75 tax rebate per taxpayer and dependent to help with the cost of petrol.
Everyone who files their Indiana taxes in 2021 will receive a $125 bonus tax refund.
Single taxpayers in New Mexico with an income up to $75,000 receive a $250 grant, while married filing jointly taxpayers with an income up to $150,000 receive a $500 award to help increase fuel prices.
States are drafting legislation.
These two states are collaborating on a scheme to assist residents in paying for gasoline.
Governor Gavin Newsome recommended providing a $400 reward to families who own a car (up to $800 for families with two automobiles).
Hawaii’s governor, David Ige, has suggested giving each taxpayer and dependent a $100 refund bonus.
Gasoline prices fluctuate. It’s comforting to know that certain nations are aware of people’s difficulties. It will be fascinating to see if Republicans are willing to collaborate with Democrats on a national level to assist a more significant number of individuals.