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Wednesday, September 28, 2022

Stimulus Check Update: New Plan By The Democrats

The 10th of March saw a group of Democrats introducing legislation that would see more stimulus check money for the American citizens. These payments, authorized in a similar manner to the American Rescue Plan Act, would go directly into the bank accounts of the American citizens. The money would be issued quarterly- in the hopes that they alleviate the suffering of the people. 

Stimulus Check Proposal Introduced by Democrats

This legislation, that would be issuing more stimulus check money was previously issued on the 10th of March by Representatives Ro Khanna and Sheldon Whitehouse. The bill will also be sponsored by Senators Elizabeth Warren, Bernie Sanders, Sherrod Brown, and Michael Bennet. The proposed bill will see to it that a new tax is levied on large oil companies. The tax would then be equal to the 50% difference that exists between the price of a barrel of oil these days, and the average price of a barrel of oil back in the days between 2015 and 2019. 

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It has been proposed that the stimulus check money would be sent to individual tax filers with an annual income under $75,000 and married joint filers with an annual income below $150,000. The legislation is also meant to address the rapidly increasing prices of gas- with the average cost of a single gallon reaching a sum of $4.31 on the day the bill was introduced. Now, irrespective of the uncertainty that exists beyond the American shore, the sponsors of the bill have been blaming the increasing prices of oil on the oil companies that have voluntarily increased the price of gas to drive the record profits that they have been making recently. 

What lies in store for the Democratic representatives is uncertainty. It is not yet assured that the representatives will be able to push this bill to Congress and have it signed- something that will ensure that a large amount of stimulus check money is received by the citizens. 

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