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Tuesday, June 28, 2022

More States Considering Stimulus Checks To Counter High Inflation

Even as federal policymakers are trying desperately to curb the surging inflation rate, Federal Reserve Chair Jerome Powell has informed Americans that measures are being taken that could cause some pain. To counter the high inflation and the hardship that it has caused, states have stepped in for their residents with multiple stimulus checks.

While several states are mulling sending direct stimulus checks to their residents for immediate relief from the high prices of essentials and gas, and also to help recover from the after-effects of the pandemic. The others will receive their stimulus checks as a deduction from their income tax returns.

Each State Has Come Up With Stimulus Checks Of Different Amounts

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California was among the first states with their version of the third stimulus check with two rounds of the Golden State Stimulus. Now Democratic state senators have proposed a one-time stimulus check worth $200 to families earning $250,000 a year. Under this proposal, families with children will receive an extra $200 for a child The package is expected to cost the state a sum of $8B.

Around 3M households in Minnesota will receive a $500 stimulus check though it is yet to pass through the legislature. Governor Tim Walz has said that this remains the topmost priority.

Colorado passed a cashback program to provide eligible citizens with a $400 stimulus payment in the summer. The plan was forwarded by a House committee this week.

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Kansas has announced a $250 one-off tax reduction for residents who have filed their 2020 tax returns. Governor Laura Kelly said that rising costs prompted the decision.

The Hawaiian legislature is on the verge of approving a tax rebate of $300 to each tax filer earning below $100,000 and $100 to residents earning more.

Pennsylvania has gone ahead with a plan to give direct stimulus checks to residents. Governor Tom Wolf has proposed checks worth $2,000 to families with income below $80,000 a year.

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