There are two big gas stimulus proposals currently being discussed in Congress, but many want to know what the chances of them happening are.
As gas prices continue to steadily increase, Americans are really feeling the financial strain.
What is being done to create a gas stimulus amid rising fuel prices?
In response to rapid increases in price, Congress has introduced multiple bills that would help Americans.
One proposal would offer $200 in gas credits and $100 to households in areas where the price for gas was over $4.00 per gallon.
Following the announcement of the bill, President Biden shared that one million barrels of oil would be released from the U.S. reserve.
How do people qualify for the gas stimulus?
Single tax filers must have an income below $75,000 per year.
Married joint filers cannot exceed $150,000 per year.
The payments would start to phase out at $80,000 and $160,000 respectively.
Stop Gas Price Gouging Tax and Rebate Act
The Stop Gas Price Gouging Tax and Rebate Act would help take some of the major profits being made by oil companies and give them back to Americans.
This would happen in the form of a tax rebate.
Major gas companies on average are making over 110% of what their normal average is.