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Monday, September 26, 2022

A Proposed Stimulus Check Could Cut Down Your Gas Bill

With inflation touching record highs, gas bills at petrol pumps continue to shock Americans and impact the bottom line. But help could be round the corner as Democratic Representatives John Larson, Lauren Underwood, and Mike Thompson have presented the Gas Rebate Act, 2022.

The proposed bill could give Americans a stimulus check of $100 a month, plus $100 more for every dependent. The proposed stimulus check is set to be applicable for the remaining months of 2022, but only for months where the average price of gas crosses $4 to the gallon.

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The gas stimulus check has been proposed for only the following citizens; single tax filers who earn below $75,000 per annum. The proposed stimulus check will phase out at $80,000. For joint filers, the corresponding figures are $150,000, phasing out at $160,000.

The American President has blamed his Russian counterpart, Vladimir Putin for the current spurt in the prices of gas. He said that it is in no way linked to the $.7T rescue plan.

The Embargo Imposed By The Americans Are Hurting Them More And A Stimulus Check Seems Indispensable At The Moment

Americans are feeling the effect of the Russian invasion though the immediate cause has been the sanctions and embargo imposed by the Americans and their NATO allies on Russia.

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While lawmakers are of the opinion that stimulus checks are an immediate answer to ease the burden of rising gas prices, some states have proposed solutions to the problem. The Ethanol Board in Nebraska has released data that shows that converting 33% of E10 fuel to E15 might help in displacing the total import of Russian gasoline.

Another legislation was proposed by Democratic Representatives Sheldon Whitehouse and Ro Khanna. The Big Oil Windfall Profits Tax is aimed against the oil majors who are collecting profits by taking advantage of the oil crisis brought on by the war in Europe. Under the proposed legislation, American companies that import or produce at least 300,000 oil barrels each day will be made to pay a per-barrel tax that will be returned to consumers periodically.

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