Introduction of some “gas stimulus check” proposals
Gas Reimbursement Act
Representatives Mike Thompson, John Larson and Lauren Underwood introduced the Gas Rebate Act, which offers to give eligible Americans $100 a month through the end of 2022 “every month that national average gas prices exceed $4.00 per gallon.” Households would also receive an additional $100 per dependent.
Oil windfall tax
Representative Ro Khanna and Senator Sheldon Whitehouse proposed the oil windfall tax, under which major oil companies would be charged a 50% tax on the difference between the current price and the pre-pandemic price of a barrel of oil – a program they calculate could bring in about $45 billion a year.
For eligible Americans, this would mean an estimated annual payment of approximately $240.
Gasoline Pricing Tax and Rebates Act
Congressman Peter DeFazio’s Stop Gas Price Gouging Tax and Rebate Act would levy a 50% tax on any income accumulated by major oil companies that exceeds 110% of their average annual income between 2015 and 2019.
The funds raised by the tax would then be distributed to people in the United States under a “monthly, advanced and refundable tax credit that will be phased out based on income”.