Dems have introduced new law that would give Americans more stimulus payments. Such as the payments that were approved by the American Rescue Plan Act back in 2021, these checks would probably go straight into people’s bank accounts. The funds would be given out quarterly, in an attempt to help people to handle the increasing gas prices.
Americans would see more stimulus money if this bill passes
The law giving more money was put forward on March 10 by Congress-member Ro Khanna from California and Sen. Sheldon Whitehouse from Rhode Island. It is cosponsored by Senators Bernie Sanders, Michael Bennet, Elizabeth Warren, and Sherrod Brown.
The proposed new bill would cause a new tax on large oil corporations. The tax would equal fifty percent of the difference between what oil costs now, and the average cost of oil between the year 2015 and 2019. The collected money would then fund the stimulus payments.
The stimulus checks would go to each tax filer whose income is under $75,000, and joint filers whose incomes are under $150,000. Based on the current pricing, these payments would be a total of around $240 each year for singles and $360 a year for married filers.
The law is meant to deal with the rapidly increasing gas price — the average price per gallon got up to $4.31 on the day the bill was proposed, and prices are expected to continue to increase, with a new ban on oil imports from Russia.
Even with the uncertainty overseas, the sponsors of the bill blame the higher prices on the oil corporations making the prices rise to drive the recently made record profits. The hope, according to Congress-member Khanna, is that oil companies will reduce the price of fuel in response to the new tax.
“The most important thing is that it is going to save people money,” she said. “If you are big oil, and you see this, you are not going to want to have to pay this tax, and so you will be willing to lower prices.”
Dems love to trade Americans’ money for Americans’ votes. But as we see now, such an easy money policy does not come without causing high inflation later on.