US legislators have introduced a bill to issue payments every three months to offset rising gas prices in the US. The total payments could add up to an additional $360 dollars each year for beneficiaries who qualify.
Gas prices have gone through the roof recently, but lawmakers in US have introduced a bill that could put more money in the pockets of some taxpayers through a new round of economic stimulus.
The bill that they have presented is called Big Oil Windfall Profits Tax. Basically, if it were approved, the big oil companies would have to start paying a new additional tax for each barrel of oil they produce.
This tax would depend on the increase in oil prices. For example, if the price of a barrel is set at $120, it would generate a tax of $45 billion annually. The goal is for the money from that tax to go into to people’s pockets.
The legislative proposal hopes to be able to alleviate the high costs of gasoline through a new economic stimulus payment that would reach taxpayers in the United States through a tax refund to be sent quarterly.
So, following the example of the price of a barrel at $120, single filers would receive a total refund of an additional $240 each year, while those who declare in jointly would receive about $360 annually, according to The Sun
The bad news is that not everyone will be eligible to receive the payments because the aid is intended for single taxpayers who have declared income less than $75,000 annually or joint filers with income less than $150,000 annually.
If any resident earns a little more than the stipulated threshold, they could still receive a partial refund but after the indicated salary markers, the amount of the check would gradually decrease. This aid would be available every year.
“Our bill has won the support of economists and a broad cross-section of the Democratic caucus because it is an effective solution to relieving Americans of rising gas prices,” said Sheldon Whitehouse, a Democratic senator for Rhode Island and one of those backing the bill.
Under the proposed legislation, this tax would only be imposed on those large oil companies that produce or import a minimum of 300,000 barrels of oil per day, the newspaper recalled. New checks every three months for gasoline in the US.
