Democrats unveil plan to issue quarterly checks to Americans by taxing oil companies posting huge profits
- Democrats rolled out a plan to issue quarterly checks to Americans paid for with big oil profits.
- “The bigger thing is that it’s going to save everyone money,” Rep. Ro Khanna said in an interview.
The proposal faces steep odds for passage given GOP resistance.
Democrats introduced a bill on Thursday to tax the largest oil companies recording their biggest profits in years — and use the money to provide quarterly checks to Americans facing sticker-shock just about everywhere they look.
The legislation would apply only to large firms like ExxonMobil that produce or import over 300,000 oil barrels per day and exempt smaller companies. The 50% tax would be imposed on the difference between the current price of a barrel and the average price between 2015 to 2019.
Rep. Ro Khanna of California and Sen. Sheldon Whitehouse of Rhode Island are the bill’s main sponsors. Other co-sponsors includes Sens. Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts, Michael Bennet of Colorado, and Sherrod Brown of Ohio among others.
The plan would also establish a quarterly payment program to provide direct payments to Americans struggling with rising prices. The income thresholds were similar to the third stimulus check issued last year: Tax filers making under $75,000 for individuals and $150,000 for couples would receive the payments. At $120 per barrel, single-filers would receive $240 a year and joint-filers would get $360.
DAWG SAYS:IF THIS PASSES GAS PRICES WOULD GO EVEN HIGHER THEN WHAT THEY ARE DOING TODAY.
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