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Democrats introduced a plan on Tuesday that would allow for quarterly stimulus payments to American households.
The law would levy a tax on the country’s top oil corporations that produce or import more than 300,000 barrels of oil per day. The tax would equal 50% of the difference between the current price of a barrel of oil and the average price for the five-year period from 2015 to 2019.
The funds raised by the new legislation would subsequently be used to provide a new round of stimulus payments to individuals earning less than $75,000 per year or married joint filers earning less than $150,000 per year.
The size of the stimulus payments would be determined by the price of a barrel of oil. At $120 per barrel, qualifying individuals might get up to $240 per year, while married couples filing jointly could receive up to $360.
Rep. Ro Khanna, D-Calif., and Sen. Sheldon Whitehouse, D-R.I., introduced the new idea. Senators Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass. ), Michael Bennet (D-Colo.), and Sherrod Brown (D-Ohio) have all co-sponsored the bill.
The new legislation comes as gas prices continue to rise dramatically. As of Monday, the average price of gasoline in ten states was $4.35 a gallon. A gallon of gas costs on average $5.74 in California.
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Gas prices are expected to continue rising following President Joe Biden’s restriction on Russian oil imports in reaction to Russia’s invasion of Ukraine.
Despite widespread Democratic support, the stimulus plan has a slim likelihood of passage in Congress. Republicans reject tax increases. They also opposed the American Rescue Plan Act, which included a provision authorizing the third round of stimulus funds to households.
If a Republican filibuster prevents the bill from proceeding, Democrats will almost certainly have to employ a budget reconciliation tactic to approve the law in Congress. With being stated, according to The Motley Fool, some conservative Democrats have been hesitant to provide additional relief cheques to American households.
Democrats have been looking for measures to help American families save money. In early February, Democratic lawmakers considered suspending the federal gas tax of $0.18 per gallon in order to battle rising costs.
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