Are you ready for the return of the monthly stimulus checks? A group of Democratic lawmakers is proposing $100 monthly stimulus checks that work as rebates for high fuel prices. The bill aims to provide relief to Americans currently suffering from high fuel prices.
$100 Monthly Stimulus Checks, Anyone?
House representatives Mike Thompson (D-CA), John Larson (D-CT), and Lauren Underwood (D-IL) authored the Gas Rebate Act of 2022.
They are proposing to give Americans $100 monthly stimulus checks for every month gas prices exceed $4 per gallon.
Hopefully, this subsidy can bring relief to millions of Americans currently suffering from high gas prices. Currently, the average price of a gallon of gas in the United States is $4.24. The bill also provides the same monthly amount for each dependent.
The Gas Rebate Act would work similarly to the stimulus checks received by Americans in 2020 and 2021. Americans earning below $75,000 would qualify for the full amount.
Joint filers who earn below $150,000 will also get the monthly stimulus checks. Anybody earning above $80,000 (for joint filers $160,000) will no longer be eligible for the rebate.
Democrats Blame Putin For High Gas Prices
True to form, the bill’s authors blamed Russian President Vladimir Putin for the surge in gas prices. “Americans are feeling the impact at the pump of Vladimir Putin’s illegal invasion of Ukraine,” Thompson said.
“Right now we must work together on commonsense policy solutions to ease the financial burden that my constituents are feeling.”
Meanwhile, Republican lawmakers have a different approach to providing relief to American motorists. Instead of monthly stimulus checks, the GOP wants to suspend the federal gas tax while prices are sky-high.
In fact, two GOP-run states, Maryland and Georgia, already suspended their state gas tax. Maryland issued a 30-day moratorium on state gas taxes, which lasts until April 18.
Meanwhile, in Georgia, the state waived the local gas tax until May 31. Americans in both states will save around 30 cents per gallon while the gas tax remains suspended.
Other Democrats Want Additional Taxes on Gas and Oil Companies
Meanwhile, two other Democrat representatives, Ro Khanna (CA) and Sheldon Whitehouse (RI) think that adding more taxes is the solution.
The two proposed a quarterly rebate for customers based on additional taxes levied on oil and gas firms. Their bill, the Big Oil Windfall Profits Tax, would impose a levy on fuel sold by these companies.
The tax equals 50% of the difference between the current price of a barrel of oil and its pre-pandemic average price between 2015 and 2019.
Surging energy prices is a hallmark of 2022. Due to inflation and the oil supply crunch, oil prices registered their highest prices since 2008.
The problem grew bigger when Russia decided to invade Ukraine last February. As Western countries began placing an embargo on Russia, investors feared that oil supplies would shrink. This sent oil prices skyrocketing in March, with crude oil exceeding $130 per barrel at one point.
Gas Prices Sky High Right Now
Last month, the national US average for a gallon of gas was $3.54. Back in February 2021, Americans were enjoying gas prices at an average of $2.88 a gallon.
Now, gas prices have ballooned to $4.24 a gallon on average. For Democrat-run states like New York and California, gas prices exceed $6 per gallon in some areas.
This is due to additional or higher taxes placed on fuel. Experts warned that implementing another round of monthly stimulus checks can further worsen inflation. Already, the US inflation rate is at a 40-year high.
Watch its Jimmy's video New Monthly Stimulus Checks (Gas Checks) Fourth Stimulus Package Update & Daily News:
What do you think about proposals to provide relief for Americans on high gas prices? Also, do you see any merit in any of the proposed bills? Or, will they only worsen the problem?
Let us know what you think. Share your thoughts below.
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