Dems reveals new quarterly payment proposal
Dems reveals new quarterly payment proposal

Dems reveals new quarterly payment proposal

CENTRAL POINTS

  • The new legislation will tax the largest oil companies in the country
  • The money would be used to fund quarterly stimulus payments to U.S. households
  • The new legislation comes as gas prices in some states reach $ 4.35 per gallon

Democrats on Tuesday introduced a bill that could send quarterly stimulus checks to U.S. households.

That legislation would impose a tax on the largest oil companies in the country, producing or importing over 300,000 barrels of oil a day. The tax would correspond to 50% of the difference between the current price of a barrel of oil and the average price between 2015 and 2019.

The money raised from the new legislation would then be used to fund a new round of stimulus payments that would be sent quarterly to individual tax registrars earning less than $ 75,000 annually, or married joint registrars earning less than $ 150,000.

The amount of stimulus payments will depend on the price of a barrel. For $ 120 per. per barrel, eligible individuals can receive a total of $ 240 per year, while married couples applying jointly can receive $ 360.

The new proposal was introduced by rep. Ro Khanna, D-Calif., And Senator Sheldon Whitehouse, DR.I. Co-sponsors of the bill include Sens. Bernie Sanders, I-Vt., Elizabeth Warren, D-Mass., Michael Bennet, D-Colo., And Sherrod Brown, D-Ohio.

The new legislation comes amid rapidly rising gas prices. As of Monday, average gas prices in 10 states reached $ 4.35 per gallon. gallon. IN Californiaa gallon of gas costs an average of $ 5.74.

Gas prices are expected to continue to rise after President Joe Biden imposed a ban on Russian oil imports in response to the Kremlin’s invasion of Ukraine.

Despite the support of prominent Democrats, stimulus legislation has a low chance of passing Congress. Republicans are opposed to tax increases. They did not support either American Rescue Plan Actwhich contained a provision that gave households the third round of stimulus checks.

Should a Republican filibuster prevent the bill from moving forward, Democrats would likely need to use a budget voting maneuver to pass legislation in Congress. That said, some Conservative Democrats have been reluctant to send more relief checks to U.S. households, according to The variegated fool.

Democrats have been looking for ways to reduce costs for American families. In early February, Democratic lawmakers mulled suspending $ 0.18-a-gallon of the federal gas tax to combat rising prices.

Gasoline trucks arrive to refuel their trucks at a gasoline distribution terminal in San Diego, California January 7, 2015 Photo: Reuters / Mike Blake

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