A new stimulus check has just been announced. It’s a little bit of an interesting one, but I do have all the details for you on this topic. All right, so quick side note here. Remember the other day when the President had the State of the Union address? And right before that, I came out in a topic and I said, if there is going to be another stimulus check, it is probably not going to be called an economic impact payment or a stimulus check, but rather it’s probably going to be something called an anti-inflationary check or possibly even an inflationary relief check or something along those lines.
Interestingly enough, that’s exactly what they are introducing right here in this new check that I’m about to tell you about in this topic. So sometimes I feel like these lawmakers watch my videos. I don’t really know if they do or not, but it is weird how I talk about one thing and then sure enough, right afterward they come out with some introduction on some new check or some bill or some kind of proposal. Anyway, just saying seems weird. But at the same time, they are introducing a new check.
Now, here’s the deal. Let me tell you the details behind this one. This one is actually introduced by Representative Rokana and Sheldon Whitehouse. Now, there are a few different co-sponsors on this bill, including Bernie Sanders, as well as a few other people out there. I noticed that there were about seven or eight names on this bill so far.
Again, just a handful of them so far as what I noticed. But let me tell you the details on this. Like I mentioned a second ago, it’s a little bit of an interesting one, but stick with me on this and I’ll walk you through all the details. All right, so it’s a little bit revolving around oil prices. Again, I know we’ve been talking a ton about oil lately, but seriously, stick with me on this.
And no, this is not the introduction and this is not the same one that I talked about yesterday. This is yet again another new one. Yes. Seriously, there are so many things going on right now. Anyway, let me talk you through the details on this one.
So here’s what they’re introducing. They’re calling on a 50% tax on large oil producers like ExxonMobil, who actually import over 300,000 barrels of oil every single day. So the big guys, right. The big corporations, the multibillion-dollar corporations, these are the ones that they would be implementing this 50% tax on oil. Here’s the thing, though.
The 50% tax that they’d be implementing. Guess what they’re going to do with it. Yeah, they want to send it to you as a check. So let me tell you through the details on this thing because this is actually kind of interesting. So basically what they want to do because oil is getting so incredibly expensive right now.
And it’s all translating literally into the price of everything that we are buying right now, including gas and all the products that we buy on our store shelves, groceries, everything like this, literally, it is all being impacted by high oil prices. So therefore, they’re introducing this to this 50% tax, and then they’re going to take that tax money and then send it out to the people as a check. So let me tell you the details on this. All right. So again, it’s a little bit complicated, but let me try to talk through this in such a way that makes sense.
So here’s what they want to do. They want to take the current oil price. So like right now it’s about let’s just say $120 a barrel. What they want to do then is they want to take the difference between the current oil price and the average oil price between 2015 and 2019. The average price between those four years.
They want to take the difference between the current oil price and the average from those four years, 2015 to 2019, and then take the difference and tax it at 50%. So let me give you a quick example here. Let’s just say that during those four years, 2015 to 2019, let’s just say, for example, the average oil price was $50 per barrel. Right? Okay.
So now the current price again, let’s just say, for example, is $120. So the difference is $70 per barrel. Now they want to tax it at 50%, which would be $35, right? So basically a $35 tax per barrel of oil. And then they basically want to take that money and send it out to the people as a check.
But guess what? It’s not a $35 check. Let me tell you the details on it now. So here’s what they’re introducing. The same people who would be eligible for the $1,500 check a year ago from the American rescue plan.
Remember the $1400? Oh, yeah. That was a sweet time, right? Yeah, that was nice. Oh, man, what a nice time.
Anyway. Yeah, let’s not get distracted here. But anyway, those days were nice. The one $400 sure helps out a lot. But here’s what it comes down to.
The same people who were eligible for that $1,400 check, as in an individual earning up to $75,000 and a married couple earning up to $150,000 would be eligible for these checks right here that I’m talking about. So let me break it down here for you and tell you what it would actually be. So what they want to do with these checks is they want to send them out on a quarterly basis. So not a one time check. Not a monthly check, but rather a quarterly check.
So every three months quarterly, you’d be getting one of these checks. And here’s the spread on this thing as an individual, $240 as a married couple, $360. So you can see here, it’s not like life-changing money, but let’s be real with ourselves at the same time. It would be pretty nice. It would be a nice little check.
It would not be much. It wouldn’t be life-changing. It wouldn’t be like going to buy my car, going to pay off a house, things like this. None of that stuff is going to be happening. But ultimately it would be $240 for an individual or $360 for a married couple, which is actually a little bit interesting because historically, with the last stimulus checks and payments that we’ve received, anytime that there is an individual payment, usually they just double it for the married couple.
Right. So in this case, the 240 for an individual. Typically, historically, what they’ve done is they just double it for a married couple, 40 for an individual. Therefore, it would be 480 for a married couple. Right?
Well, no, that’s actually not the case. But rather they give you basically a 50% boost on that from 240 as an individual up to 360 as a married couple. So if you’re a married couple, you don’t really get the full benefit if you kind of get what I’m saying here. Right. So anyway, kind of interesting, but just like that new proposal that I talked about yesterday where they wanted to send out anywhere between a $2 and $3, pretty much voucher per gallon of gas.
Assuming that the average person buys 100 gallons of gas per month, it would average out to be anywhere between about $200 and $300 per month. Remember that one? That’s a totally separate proposal. That is something completely different. Now, this is a different one.
So kind of interesting here how all of a sudden it’s coming down to just like I said. What was it right before the State of the Union address? I was out in that video and I said if we get another check, it’s likely going to be an anti-inflationary check or some type of inflationary relief check. Again, I didn’t really know what the name would be. I was just giving you some examples of what it would be and that’s exactly what they’re introducing right here, basically saying, hey, oil is going up so much right now.
Inflation is just digging a huge hole for us right now. And basically, they’re saying, let’s tax the big oil companies because they’re making a boatload of money right now. Well, apparently, I guess I don’t really know. But anyway, because oil has gone up so much right now. So they’re basically saying let’s tax them at a rate of 50%, take the money and flow it back to the people so that they can actually have a little bit of extra money right now during this difficult time when prices are going up on essentially everything.
So anyway, we’ll see what actually happens with this. Just like so many other things out there. It would be nice if it was a lot more money. If it was $1,000 a quarter or 1400 or 2000 a quarter, it would sure be a lot nicer than 240 or 360. Those are the numbers.
I apologize, 240 as an individual or 360 as an individual. So it would certainly be a lot nicer if it was a bigger number than that. But at the end of the day, I guess something is better than nothing, right? So again, we’ll have to see what happens with this. We do know that Congress is currently working on the revived version of the build-back better agenda.
Remember all these little items that I’ve been talking about here in previous videos? Yeah. Well, they are currently working on this right now, and they are planning on bringing another reconciliation bill to the floor at some point before the midterm elections. So we don’t have that many months to go. Seriously, at the speed that Congress moves and how fast time goes, they’ve got their work cut out for them.
Seriously, let’s be real with ourselves right now. I think all of us recognize Congress is very, very slow. And every other week it seems like they’re out on vacation. So kind of hard to get anything done when they’re always on the road doing whatever they do on vacation. I honestly don’t even want to know.
But anyway, so lots of watch this. And this may be one of those things that they add into some type of relief bill, as in reconciliation bill or a build-back better type version bill. Again, there’s so many different things going on out there right now. This is just the latest one that I came up with and just found it for you. So this is what I have for you as of now, I wouldn’t be surprised again if we see something else come up, seriously.
But here’s what’s nice about this. These lawmakers are coming out introducing direct checks. That’s a good thing because they’re playing around with the ideas of direct checks to the people. Once again, that’s exactly what the stimulus checks were, all three of them, direct payments to the people. So the simple fact that they’re playing around with some ideas.