This time around, individuals earning an adjusted gross income (AGI) up to 75,000. It's unclear how much Americans would receive because the plan is based on taxing this year's profits from oil and gas companies. The bill provides funding for a third economic impact payment, worth up to 1,400 per individual and dependent. Peter DeFazio, D.-Oregon, would create a rebate based on oil company profits. Rebates based on oil company profitsĪ third proposal from Rep. These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump," Khanna said in the statement. "As Russia's invasion of Ukraine sends gas prices soaring, fossil fuel companies are raking in record profits. The two lawmakers calculated that if the per barrel price sits at $120, the tax would raise about $45 billion a year - providing single filers with $240 annually and joint filers with $360 each year. The Big Oil Windfall Profits Tax would charge a per barrel tax equal to 50% of the difference between the current price of a barrel of oil and its pre-pandemic average price between 2015 to 2019, according to a statement from the lawmakers. Families get an additional 1,400 per child. Sheldon Whitehouse, a Democrat from Rhode Island, would provide a quarterly rebate to consumers based on a tax levied on oil and gas companies. Heres what is in the bill: Stimulus checks: The bill provides direct payments worth up to 1,400 per person. Ro Khanna, a Democrat from California, and Sen. Rebates of $360 a year for familiesĪ second proposal from Rep. The proposal doesn't specify how the rebate checks would be paid for, and the text of the bill isn't yet published. Joint filers who earn less than $150,000 would qualify, with the payment phased out at up to $160,000 in household income, according to Thompson's statement. This Basic will consider the success and failures of three major stimulus bills passed in the midst of economic crises. ![]() Single people earning less than $75,000 annually would receive the full $100 rebate, while the checks would be phased out for people earning up to $80,000. The plan would work similarly to the three stimulus checks the federal government offered in 20 in that the payments would be aimed at low- and middle-class households.
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