It peaked at 9.1 percent in June but fell to 8.5 percent last month, suggesting that the Federal Reserve’s efforts to slow the rise in prices may be having some success. However, despite the rising cost of living, millions of Americans continue to struggle.
Several states, including Delaware, Florida, Georgia, Hawaii, Indiana, Minnesota, and New Mexico, have already begun implementing Stimulus Checks to assist citizens whose household budgets have been badly impacted by rising food, gas, and housing prices. Others are getting ready to do it. California is preparing to provide millions of households with another wave of direct payments, this time in the form of a tax return of up to $1,050 dubbed the “Middle-Class Tax Refund.”
Stimulus Check For A New Group Of Residents
According to state officials, 23 million people should be eligible to receive the checks, which will be sent between October 2022 and January 2023.
Only residents who have been in California for at least six months during the 2020 tax year or who are still residing there are eligible for the Stimulus Check. Californians must reach the state’s adjusted gross income (AGI) restrictions outlined here, have filed their 2020 tax returns by October 15, 2021, and have not been dependents during the 2020 tax year in order to qualify for the payout.
Direct deposit or debit cards will be used to issue payments, and the amount will be determined by income. The smallest and highest amounts granted will be $200 and $1,050, respectively. This summer, Colorado is offering the “Colorado Cash Back,” a tax rebate Stimulus Check of $750 for single taxpayers and $1,500 for married couples filing jointly. The $1.83 billion Family Relief Plan, which was introduced by Illinois in early July, featured income and property tax refunds as well as a temporary reduction in a number of sales taxes, such as the postponement of the % sales tax on food through June 30, 2023.