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20×102mm Vulcan
Gas price stimulus checks proposals head to Congress
Americans could get a $100 per month energy rebate
One proposal comes from Reps. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois.The congressional lawmakers propose the Gas Rebate Act of 2022 where Americans would get an energy rebate of $100 per month (and $100 for each dependent) for the rest of 2022 in any month where the national average gas prices exceed $4.00 per gallon.
Rep. Peter DeFazio of Oregon has proposed the Stop Gas Price Gouging Tax and Rebate Act. The bill "would create a windfall profit tax on excessive corporate profits and return the revenue to American consumers in the form of a tax rebate."
"Big Oil is foaming at the mouth," said Rep. DeFazio. "After price-gouging Americans in 2021 to make record profits, Big Oil is now reaping the benefits of [President Vladimir] Putin’s price hike."
"My legislation would tax Big Oil’s excess profits in 2022 and return the revenue back to Americans. It’s beyond time to put people over profits – period," he continued.
Under his proposal, companies will pay a one-time, 50 percent windfall profit tax on any adjusted taxable income (ATI) in 2022 that exceeds 110 percent of their average ATI during pre-pandemic levels between 2015-2019. Revenue, raised by the windfall profit tax, will be returned to consumers as a monthly, advanced, and refundable tax credit that will be phased out by income, according to DeFazio.
Gas price stimulus checks proposals head to Congress
There are a few proposals that could involve Americans getting a stimulus check to ease the pain of the rising gas prices.
