Update on the Stimulus: Could Your Next Check Be for $240 a Year or $100 a Month?

Points to remember

  • Gas costs are rapidly rising around the country.
  • To help Americans cope with these expenditures, several lawmakers have offered stimulus initiatives.
  • One plan might pay $100 per month, while another might pay $240 per year.

Gas prices have been rising across the country, with the national average price now at $4.19 per gallon, up from $2.90 last year. Household budgets have been ravaged by rising gas prices, and lawmakers have taken notice.

Multiple legislative initiatives have been proposed in response to the fast-rising cost of gas in order to provide financial assistance. However, the amount of support provided by these programs varies greatly, with some suggestions for stimulus aid appearing to be far more generous than others.

Here’s what you need to know about two potential proposals to assist the public in coping with high gas costs.

These are two stimulus check proposals

The Big Oil Windfall Profits Tax is one stimulus package proposed by Democrats Ro Khanna and Sheldon Whitehouse.

This bill would levy a tax on oil firms equal to half of the difference between current prices and pre-pandemic prices for a barrel of oil. Based on current prices, this measure would result in an additional tax of $45 billion for oil firms.

Update on the Stimulus: Could Your Next Check Be for $240 a Year or $100 a Month?

The new tax would be distributed to taxpayers, with single filers receiving roughly $240 per year and married joint filers receiving $360 per year, put into their bank accounts or sent via check.

Despite the fact that this would bring some assistance, it pales in comparison to another proposal, the Gas Rebate Act of 2022. Democratic Representatives Mike Thomas, John Larson, and Lauren Underwood introduced this bill.

During any month when average petrol costs exceed $4 per gallon, it would offer $100 per month for each adult and dependant. Payments of $100 would be available until the end of 2022.

Is each proposal likely to succeed?

Both of these plans would put more money in your pocket, but their chances of passing and being signed into law must be carefully considered.

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Currently, only Democrats have proposed any of these initiatives; they are not bipartisan. Democrats have a small majority in the House and Senate, and getting more stimulus measures passed without Republican support will be tough.

In light of excessive gas prices, it’s uncertain whether the GOP would be willing to take steps to provide direct financial assistance. However, because no right-wing politicians signed on to Joe Biden’s previous stimulus bill in 2021, bipartisan agreement is doubtful.

This implies that unless Democrats win a larger majority in November’s elections, there’s a good chance that no additional stimulus money will be provided, even if there’s a clear need for it as gas prices climb.