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By: Real America News Updated 27 Sea 2022, 000: 03 pm EDT
Democrats are already looking for solutions to deal with rising fuel costs across the country, since high gasoline prices are already affecting the personal finances of millions of families across the country.
Democratic lawmakers Mike Thompson, John Larson and Lauren Underwood are proposing a plan similar to the Covid relief payments, but for gasoline, the idea is to release payments of $100 dollars per month.
This support would apply to people in states where the price of gasoline exceeds $4 dollars per gallon. In the bill, couples would receive $200 more dollars and $100 dollars for each dependent.
“The oil companies will pay a tax on the profits of the 50% one-time on any adjusted taxable income (ATI) in 2022 in excess of 110% of your average ATI during pre-pandemic levels between 2015 and 2019 ”, Democratic Rep. Peter DeFazio said in a statement.
Peter DeFazio’s proposal is part of his “Taxes and Refunds Act to Stop the increase in gasoline prices”, which requires a windfall tax on corporate profits
considered excessive that would be returned to consumers as a tax refund.
On the other hand, there is another relief proposal, this one is being promoted by Democratic Representative Ro Khanna and Senator Sheldon Whitehouse .
“The windfall tax on Big Oil would provide consumers with guaranteed relief while maintaining American competitiveness and reducing pressure on inflation by attacking corporate speculation”, was reported in the statement where the bill is discussed.
According to the bill of the legislators, the big oil companies that produce or import, at least, 300 , barrels of oil per day must pay a tax per barrel equivalent to 50% of the difference between the current price of a barrel of oil and the average price per barrel before the pandemic between and 2015 and 2019.
The statement added that revenues collected from the tax on oil companies would be returned to consumers in a “quarterly refund” that “would be phased out for individual taxpayers earning more than $75, dollars in annual income and joint filers earning more than $150, Dollars”.
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