Stimulus Check Update: Democrats have decided to tax oil companies
Stimulus Check Update: Democrats have decided to tax oil companies

Stimulus Check Update: Democrats have decided to tax oil companies

Stimulus check

In the last few weeks, there has been an increase in calls for payment of stimulus checks due to the rise in gas prices. Now Congress has officially stuck to a bill that could send one out fourth stimulus payment to the Americans. This bill comes from the Democratic end, and if it were to be approved, it would send quarterly stimulus payments to more households across the country.

Stimulus check to be paid by taxing oil companies

Representatives Ro Khanna and Sheldon Whitehouse went ahead and introduced a bill last week that would see the major oil companies taxed. After taxation, this money would be used to push a new stimulus check payment to the country’s citizens. This bill has been co-sponsored by Senators Elizabeth Warren, Bernie Sanders, Sherrod Brown and Michael Bennet.

The new bill on stimulus checks also proposes the collection of a new tax on the largest oil companies in the country – which usually produce or import up to 300,000 barrels of oil in a single day. The main dish behind such a tax has been to equate about 50% of the difference between the current price of a barrel of petrol and the average price of a gallon between 2015 and 2019.

This tax money will then be used to provide another stimulus check payment to the Americans, who are currently trying to keep up with this inflationary market. Specifically, this payment will mostly be sent quarterly to those taxpayers who have an annual income of $ 75,000. One must remember that the amount of stimulus payment one would receive depends on the price of oil.

Leave a Reply

Your email address will not be published.