While Americans are still reeling from record-high gasoline prices, a few suggestions have circulated in Congress and beyond to provide some comfort to motorists. Los Angeles has become the first big city in the United States to achieve a petrol price of $6 or more on Tuesday. Data analysis shows that the average national cost of gasoline in the United States is starting to fall after reaching a high of $4.35 per gallon on March 10.
Some plans have included a stimulus plan, while others would levy a tax on oil firms.
A $100 monthly energy subsidy could be available to Americans.
Reps. Mike Thompson from California, John Larson from Connecticut, & Lauren Underwood of Illinois have proposed a bill.
The Gas Reimbursement Act of 2022 proposes that Americans receive a $100 energy reward monthly (plus $100 for each reliant) for the rest of 2022 in any quarter where the average national price of gas surpasses $4.00 per gallon.
Americans are paying the price for Vladimir Putin’s illegal annexation of Ukraine at the gas pump. So right immediately, we need to work together on practical policy measures to alleviate the economic strain that my taxpayers are bearing,” Thompson said.
The reimbursement will be tapered down in the same way that the latest Economic Impact Payments (EIPs) were phased out, with personal exemptions earning less than $75,000 receiving $100 and then $80,000. The other part adds a $100 surcharge for joint filers with income exceeding $150,000, which is phased off at $160,000, reports Fox32.
Tax Credit By Oil Firms
Oil firms may be able to contribute to a tax credit for Americans.
Rep. Peter DeFazio of Oregon sponsored the Stop Fuel Price Gouging Tax & Rebate Act. The law would impose a windfall profit tax on excessive company earnings, with the proceeds going back to American taxpayers in the form of a tax rebate.