The image is from the same source.
Is there more money in your pocket?
Check out the best credit cards from The Ascent.
A group of Democrats introduced legislation that would provide more money for Americans. The payments authorized by the American Rescue Plan Act would likely be deposited into American's bank accounts. The money would be sent out quarterly to help people deal with rising gas costs.
The legislation giving more money was introduced on March 10. It is cosponsored by several senators.
The bill would impose a tax on large oil companies. The tax would be equal to 50% of the difference between what a barrel of oil costs today and the average price between 2015 and 2019. The money collected would be used to pay for the economicStimulus payments.
Individual tax filers with incomes under $75,000 and married joint filers with incomes under $150,000 would get the money. The payments would be around $240 per year for single filers and $360 per year for married joint filers.
The bill was introduced in order to address rapidly rising gas prices, which reached $4.31 per gallon on the day it was introduced, and are expected to continue with a ban on Russian oil imports.
The sponsors of the bill blame the price increases on the oil companies voluntarily raising prices to drive the record profits they have recently made. The hope is that oil companies will reduce the price of fuel in response to the new tax.
She said that the tax will save everyone money.
The chances of this new legislation passing are not very high despite the support from prominent Democratic representatives and senators. The American Rescue Plan Act was not supported by Republicans. Lawmakers on the right have largely opposed tax hikes, so they are unlikely to support this one.
Democrats need the support of their party in order to pass legislation. If a Republican filibuster prevented the bill from moving forward, they would need to use a procedural maneuver called reconciliation. Some of the more conservative lawmakers on the left have been reluctant in recent months to provide moreStimulus relief via reconciliation, and are unlikely to embrace this new plan.
With continued economic turmoil and rising prices, politicians may take some action to help.
It could be costing you a lot of money if you use the wrong card. Our expert loves this top pick, which has a zero interest rate until 2023, an insane cash back rate of up to 5%, and all for no annual fee.
Our expert uses this card personally because it is so good. You can read our full review for free and apply in 2 minutes.
Our review is free.
All Rights Reserved © 2024
