If you're feeling the pinch of rising prices at the grocery store or the gas pump, there may be some good news on the horizon for your pocketbook. Legislation has been introduced at the federal and state levels to pay rebates or stimulus checks directly to Americans.
These payments, however, are much more targeted and have much lower dollar amounts than previous pandemic relief measures. This isn't because governments have become more frugal. Rather, it is about assisting Americans in coping with inflation without exacerbating it.
A stimulus check is a federal government cheque issued to a taxpayer. Stimulus checks are intended to boost the economy by providing extra spending money to people.
Taxpayers are given this money because it is intended to increase consumption and revenue at retailers and manufacturers, thereby stimulating the economy.
The national average gallon in the U.S. is $4 owing to the Russian invasion.
Gas prices have risen to new highs, and most Americans are finding it difficult to pay the higher prices at the pump..
The Gas Rebate Act of 2022, introduced by Congress representatives Mike Thompson, John Larson, and Lauren Underwood, would provide Americans with a $100 rebate in response to rising gas prices.
Although the bill has not yet been enacted, individuals must earn $75,000 or less to be eligible. Individuals who earn between $75,000 and $80,000 will experience a reduction in their tax bills. Anyone earning more than $80,000 in a single year or $160,000 in a couple's year will be ineligible.
The last tax return filed will determine all income.
The initiative is being pushed by Democratic lawmakers. However, it is unknown whether the Republican Party will sign the proposal.
Check out the states that provide gas stimulation:
New Mexico will provide a $250 grant to single filers with an income of $75,000 or less. In addition, joint filers earning $150,000 receive a $500 tax credit.
Georgia residents who filed tax returns in 2021 and 2020 will receive an additional amount of tax credits.
Idaho citizens will receive a $75 tax credit for each taxpayer and dependant.
Indiana lawmakers adopted a plan to give everyone who filed their taxes in 2021 a $125 tax refund.
While rebates and gas stimulus checks can help cushion the impact of rising costs, others are wary of making more payments, particularly in light of prior economic relief initiatives that are thought to have contributed to our present rate of inflation.
