Stimulus Update: Could Your Next Check Be for $240 per Year or $100 per Month?

Proposals for more stimulus money are on the table.

Gas prices have been surging nationwide, with the national average price of gas up to $4.19 per gallon compared to $2.90 per gallon last year. Higher gas prices have been wreaking havoc on household budgets, and lawmakers have taken notice.

Because of the rapidly increasing cost of gas, multiple legislative proposals have been created that would offer financial relief. The assistance these plans would provide varies dramatically, though, with some suggestions for stimulus aid appearing much more generous than others.

Here's what you need to know about two possible plans to offer help to the public in dealing with high prices at the pump.

These are two proposals for stimulus checks

One stimulus check plan, put forth by Democrats Ro Khanna and Sheldon Whitehouse, is called the Big Oil Windfall Profits Tax.

This legislation would impose a tax on oil companies, charging them 50% of the difference between today's prices and the pre-pandemic price of a barrel of oil. Based on current pricing, this legislation would result in oil companies paying an added tax of $45 billion.

The new tax the oil companies would pay would be distributed among taxpayers, with single filers getting around $240 annually and married joint filers receiving $360 per year deposited into their bank accounts or sent via check.

Although this would provide some relief, the help it offers pales in comparison to another proposal: The Gas Rebate Act of 2022. This act was introduced by Democratic Representatives Mike Thomas, John Larson, and Lauren Underwood. It would provide $100 per month per adult and dependent during any month when average gas prices top $4 per gallon. The $100 payments would be available through the rest of 2022.

Will either plan come to fruition?

Both of these proposals would provide more money in your pocket, but you'll need to carefully consider the likelihood of either passing and being signed into law.

Currently, each of these plans has been put forward by Democrats only -- they are not bipartisan. Democrats have a slim majority in the House and Senate and it will be difficult for them to get more stimulus legislation passed without Republican support.

It's unclear if the GOP would be willing to take steps to offer direct financial help in light of exorbitant gas costs. However, since no lawmakers on the right signed onto Joe Biden's last stimulus bill in 2021, it's unlikely that bipartisan consensus will occur.

This means that unless Democrats gain a larger majority after upcoming elections in November, it's very possible that no additional stimulus money will come at all even if there's a clear need for extra funding as gas costs rise.