Americans Suffering From Record Inflation And High Gas Prices Could Get Stimulus Checks From These States
The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.
Thank you for all your support! Without you, we could not keep this site running. Gang Gang!
With inflation rates the highest they’ve been in four decades, some states are planning to soften the economic blow by sending stimulus checks to Americans. However, there are only 11 states that are working on providing people with tax rebate checks to residents.
According to AAA, national gas prices are at $4.24 – far higher than last year when it was $2.86. The highest gas prices in the country are in California at a whopping $5.91 per gallon. The U.S. Bureau of Labor Statistics recently revealed that Fuel oil and other fuels are up 33.4% in February compared to the previous year.
But it isn’t just fuel that has seen devastating hikes. Meat prices jumped 14% year-over-year, furniture and bedding increased 17.1%, appliances are up 12.9%, used cars and trucks spiked 41.2%, car and truck rentals inflated 24.3%, and airline fares are up 12.7%.
Total state tax revenues (once adjusted for inflation) from April 2021 to January 2022 increased more than 19% compared to the same period a year earlier, according to a recent report from the Urban Institute.
“Overall, the fiscal condition of states is strong, and much better than where we thought states would be at the start of the pandemic,” Erica MacKellar – a fiscal policy analyst at the National Conference of State Legislatures – told ABC News.
The extra tax revenues have allowed some states to issue stimulus checks to citizens.
There are 11 states working on plans to issue rebate checks to their constituents:
California: $400 per vehicle with a cap of two vehicles
Georgia: $250 to people who filed as single taxpayers, $375 to head of household, and $500 for married couples that files together
Hawaii: $100 per taxpayer and each dependent
Idaho: 12% of a resident’s 2020 Idaho income tax return or $75 per taxpayer and dependents, whichever amount is greater
Indiana: $125 per taxpayer after filing for 2022
Maine: $850 for “most residents”
Minnesota: $1,000 per couple
New Jersey: $500 per family for about 1 million families
New Mexico: $250 per individual or $500 per married couple, with income limits of $75,000 for single filers and $150,000 for joint filers
New York: Property tax rebate program with an average of $970 for homeowners outside of New York City
Virginia: Either $250 or $300 per individual, and either $500 or $600 per married couple
Mark Brewer – a political science professor at the University of Maine – warns that politicians giving away free money may have a more selfish reason that first observed.
“There’s some real policy reason to do this,” Brewer said. “But at the same time, it’s also clear that this is an election year, and in an election year there are few things as popular as giving voters what voters see as free money from the state.”
[Photo by Karolina Grabowska at Pexels]