$300 Monthly Stimulus Checks For Gas May Be Coming. Here’s What We Know.
It’s no secret that gas prices are surging and therefore, many are feeling it in their budgets and bank accounts.
The good news is, some politicians are devising relief plans that may be able to help relieve some of that burden…
A new bill proposed by Democratic Representatives Mike Thompson, John Larson and Lauren Underwood seeks to send up to $300 monthly to certain Americans as long as the nation’s average gas price remains above $4 a gallon.
While $300 may not seem like it’s enough, it could be a huge difference for so many living paycheck to paycheck.
In a statement, Rep. Mike Thompson said the gas stimulus will “provide middle-class Americans with monthly payments to ease the financial burden of this global crisis.”
They would call it the Gas Rebate Act and it would provide a $100 check each month to both joint and single filers, plus an additional $100 for each dependent, as long as the gas prices stay high.
Just like with the three stimulus checks Americans previously received, it would go to single people earning less than $75,000 and joint filers making less than $150,000, with the checks phasing out for anyone making more, up to $80,000 for singles and $160,000 for joint filers.
Where would all this money come from you ask?
As of right now, it’s proposed that a tax would be charged on oil and gas companies, whose profits have significantly risen, and use that money for checks to Americans.
It would be called the Big Oil Windfall Profits Tax, and would levy a tax on each barrel equal to 50% of the difference between the current price per barrel of oil and its pre-pandemic average between 2015 and 2019.
They calculate it would mean a $240 check per year per single filer and one for $360 per year per joint filer.
We have no idea if this will actually pass but I am glad to see that some people are actively trying to think of how to help hard working Americans with the rise of cost of everything right now.