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Thursday, December 8, 2022

Stimulus Check Updates: California Tax Relief Deal

In response to increasing gas costs and inflation, California Governor Gavin Newsom and state lawmakers have decided to distribute stimulus checks of up to $1,050 to millions of families. This was verified on Sunday night.

An expected 23,000,000 California residents would gain from the three-tiered stimulus check scheme, with middle- and low-income households slated to get gradually more money as they moved up the income scale.

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As reported by CalMatters on Friday, the 9.5 billion USD in tax returns are a key component of a larger $12 billion relief package that is fundamental to a $300 billion budget pact revealed by state lawmakers on Sunday night.

Stimulus Checks And California’s Budget

Each taxpayer in a household earning up to $75,000 (or $150,000 if filing jointly) would get $350 (plus an additional $350 if the taxpayer had at least one dependent) under the tax rebate stimulus check proposal. This means that a family with two parents would earn $1,050 a year, while a family with one parent would receive $700.

For families making up to $125,000 for adults or $250,000 for filing jointly, the sum would drop to $250 per taxpayer, and for families earning up to $250,000 for people or $500,000 for filing jointly, it would drop to $200 per taxpayer. If a family has at least one child, they would get an extra $250 in the first tier and an extra $200 in the second.

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Individual Californians with earnings over $250,000 and married couples with incomes over $500,000 just wouldn’t qualify for a reimbursement. Supplemental Security Income and California Work Opportunity and Responsibility to Kids (CalWORKs) beneficiaries would each get $1.1 billion from the bailout package.

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