GAS prices continue to rise, but lawmakers’ latest round of stimulus checks is intended to help offset the increased costs at the pump.
According to a bill proposed by US lawmakers, some taxpayers in the United States could save $360 per year.
The bill, dubbed the Big Oil Windfall Profits Tax, is intended to bring down high gas prices by establishing new stimulus payments tied to gas prices.
If passed, the bill would impose a new tax on large oil companies that would be added to each barrel of oil at the rate of inflation.
For instance, if oil prices remain at $120 per barrel, the tax will generate $45 billion in revenue each year.
As a result, the new tax revenue would be returned to American taxpayers.
At $120 per barrel, single filers would save approximately $240 annually, while joint filers would save approximately $360 annually.
The funds would be distributed quarterly to single filers and joint filers earning less than $75,000 and $150,000, respectively.
The rebate amount would be phаsed out following these salary mаrkers.
Large oil companies that produce or import at least 300,000 barrels per day would be exempt from the tax.
“Our bill has garnered support from economists and a broad cross-section of the Democratic caucus because it is an effective way to provide some relief to Americans suffering from rising gas prices,” said US Senator Sheldon Whitehouse, one of the bill’s sponsors.
The legislation, according to Whitehouse, comes as oil companies prepare to distribute shareholder dividends and engage in stock buybacks.
On the other hand, companies such as BP recently reported their highest quarterly earnings in years.