Live U.S. Finance and Payment Updates: Gas Stimulus Check, April 2022 Tax Deadline, Social Security Disability, Child Tax Credit Portal, Child Tax Refunds tax…
Introduction of some “gas stimulus check” proposals
Gas Reimbursement Act
Representatives Mike Thompson, John Larson and Lauren Underwood introduced the Gas Rebate Act, which offers to give eligible Americans $100 a month through the end of 2022 “every month that national average gas prices exceed $4.00 per gallon.” Households would also receive an additional $100 per dependent.
Oil windfall tax
Representative Ro Khanna and Senator Sheldon Whitehouse proposed the oil windfall tax, under which major oil companies would be charged a 50% tax on the difference between the current price and the pre-pandemic price of a barrel of oil – a program they calculate could bring in about $45 billion a year.
For eligible Americans, this would mean an estimated annual payment of approximately $240.
Gasoline Pricing Tax and Rebates Act
Congressman Peter DeFazio’s Stop Gas Price Gouging Tax and Rebate Act would levy a 50% tax on any income accumulated by major oil companies that exceeds 110% of their average annual income between 2015 and 2019.
The funds raised by the tax would then be distributed to people in the United States under a “monthly, advanced and refundable tax credit that will be phased out based on income”.