Federal lawmakers discuss possible stimulus payments to alleviate high gas prices

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Posted at 10:51 AM, Mar 23, 2022
and last updated 2022-03-23 14:07:51-04

NASHVILLE, Tenn. (WTVF) — As gas prices continue to remain high, federal lawmakers are discussing the possibility of sending out stimulus payments.

"The Putin Price Hike is putting strain on our economy, and I am proud to be working with Reps. Larson and Underwood to introduce this legislation to provide middle-class Americans with monthly payments to ease the financial burden of this global crises," California Rep. Mike Thompson said.

It is called the Gas Rebate Act of 2022 and was introduced by three Democratic lawmakers. According to a release from Rep. Thompson, it would send people $100 a month and $100 per dependent. This would be in effect for the rest of 2022, a year when the national average price of gas is more than $4.

"Americans are feeling the impact at the pump of Vladimir Putin’s illegal invasion of Ukraine, and right now we must work together on commonsense policy solutions to ease the financial burden that my constituents are feeling," Thompson said.

There are salary phaseouts similar to the previous stimulus payments.

According to CBS News, there are also a couple of other proposals aiming to get money back into your pocket. One would give a rebate quarterly, based on a tax imposed on gas and oil companies.

CBS News said based on calculations from lawmakers, if the price per barrel is at $120, single taxpayers would get $240 a year and joint filers would see $360 from the tax.

Another proposal is all about oil company profits. CBS News reports that the Treasury Department would decide the credit amounts based on how much was raised from taxing those companies' profits. This would also have income limits.