Increased Gas Prices Could Reintroduce Stimulus Checks and Tax Breaks

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Rising gas prices may result in the reinstatement of stimulus checks and tax breaks.

Maryland, for example, would temporarily suspend state gas taxes to offset the rise in petrol costs.

There’s little doubt that many Americans are trying to cope with skyrocketing gas costs, which have been hovering above $4.30 per gallon for many days. With Americans paying such a high price just to fill up their cars, some are questioning if Washington or the states will take serious action in the shape of tax reductions or stimulus packages.

“The Biden administration has been vigorously seeking measures to compensate for the loss of Russian oil supplies, which the United States barred last week,”.

 

gas stimulus check

 

“With few alternatives for fixing the underlying supply challenges, politicians have proposed a variety of potential solutions to assist Americans in bearing the burden of rising fuel expenses,” the report says.

State Governments Act

Maryland’s governor and state legislators have decided to temporarily suspend state gas taxes, a concept that has been floated in numerous other states as well as at the federal level.

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According to NBC Bay Area, a group of California politicians is poised to reveal a proposed $400 gas rebate for every state taxpayer, regardless of whether or not they own a car. These cash would be drawn from the state’s $9 billion budget surplus.

“Many Californians are experiencing great financial hardship at the gas pump and are looking to California’s leaders for assistance,” Assemblywoman Cottie Petrie-Norris (D-Irvine) said in a statement. “We believe that a rebate is the best way to immediately put money in people’s pockets,” she added.

Not to be outdone, some progressive Democrats have proposed a tax on the largest oil firms to fund quarterly direct payments, or stimulus checks, to Americans.

“The overall picture is that it will save everyone money,” said Rep. Ro Khanna of California, one of the bill’s primary sponsors. “If you’re big oil, you’re not going to want to pay this tax, so you’re going to be willing to cut prices.”

The Effects of Eliminating Gas Taxes

Some, however, believe that completely abolishing petrol taxes will simply impede the country’s long-term aims. “The federal gas tax is an essential, but increasingly weak, programme that Congress should strengthen, not destroy,” the Washington Post editorial board said.

 

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California Taxpayers Would Receive a $400 Rebate to Offset the High Cost of Gasoline Under the Proposed Plan.

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“Suspending the gas tax would be another step toward dissolving the link between how much people use the roads and how much they pay to keep them in good condition.” One unintended consequence would be increased driving—and hence increased wear and tear on the nation’s infrastructure. “Another option would be to increase the amount of greenhouse gases in the atmosphere,” the editorial said.

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