STIMULUS MONEY: Roughly a dozen states are proposing sending tax rebate checks to their residents to offset the highest inflation in four decades. Is your state on the list?
Roughly a dozen states are proposing sending tax rebate checks to their residents to offset the highest inflation in four decades, with lawmakers on both sides of the aisle pointing to high gas and food prices as prompting their actions.
Two years ago, the pandemic was forecast to decimate state budgets — but instead, many states are enjoying a rebound in tax revenue due to the economic recovery. Workers are regaining jobs, bolstering income taxes, while strong retail sales are boosting sales taxes. From April 2021 to January 2022, total state tax revenue, adjusted for inflation, increased more than 19% compared to the same period a year earlier, according to a recent Urban Institute report.
In Maine, Gov. Janet Mills, a Democrat, wants to send checks of $850 to each resident to offset inflation, including high gas prices, representing one of the more generous offers on the board. The rebate"will help Maine people grapple with these increased costs by putting money directly back into their pockets," Mills said.
"It might help a little, but it would have to be a lot more because we're paying for gas. Most of us have V-8 trucks," Cressey said."I just don't think it's going to help as much as they think it is."
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