It’s no secret that gas prices are rising, and many people are feeling the pinch in their budgets and bank accounts as a result. The good news is that some legislators are working on relief initiatives that could help alleviate some of the load…
Representatives Mike Thompson, John Larson, and Lauren Underwood have introduced a bill that would send up to $300 per month to select Americans as long as the national average gas price remains above $4 per gallon.
While $300 may not seem like much, it can make a significant difference for those who live paycheck to paycheck.
Rep. Mike Thompson said the gas stimulus will “give middle-class Americans with monthly payments to lessen the financial strain of this global crisis,” according to a statement.
They’d call it the Gas Rebate Act, and it would provide both joint and single filers a $100 check each month, plus an additional $100 for each dependent, as long as gas prices remained high.
It would go to single people earning less than $75,000 and joint filers earning less than $150,000, same as the previous three stimulus checks, with checks phasing out for those earning more, up to $80,000 for singles and $160,000 for joint filers.
You might be wondering where all this money came from.
Currently, it is recommended that a tax be imposed on oil and gas firms, whose profits have increased dramatically, and that the money is used to paychecks to Americans.
It would be known as the Big Oil Windfall Profits Tax, and it would collect a tax on each barrel equivalent to half of the difference between current oil prices and pre-pandemic averages between 2015 and 2019.
They estimated that a single filer would receive a $240 check per year, while a joint filer would receive a $360 payout.
We don’t know if this will pass, but I’m delighted to see that some people are actively trying to think of ways to assist hardworking Americans as the cost of things continues to rise.