If you're tired of hearing about and dealing with inflation, you're not alone. Inflation rates have reached heights that haven't been seen in 40 years, making it more expensive to fill up your tank and even your grocery cart. But there may yet be some hope, as you could be eligible to receive "inflation relief." Read on to find out where and how you can benefit from these efforts, and how it's being provided.
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We continue to feel the effect of the pandemic.
ShutterstockAt the height of the COVID-19 pandemic, many Americans were provided with additional financial support thanks to Economic Impact Payments. Three checks were issued in total by the Internal Revenue Service in 2020 and 2021, helping many of us stay afloat in light of lost jobs and other pandemic-related stressors.
And we're not out of the woods just yet: We continue to feel the lingering effects of the pandemic, including disruptions in the supply chain and lingering labor shortages negatively affecting people's livelihoods. Compound that with rising prices that don't seem to be letting up, and we're left with a perfect storm of financial woes. Thankfully, some legislators are spearheading new relief efforts, and you could be eligible for another form of stimulus.
You could be receiving payments from your home state.
Kemal Taner / ShutterstockMany Americans are just trying to make ends meet, counting our pennies and limiting spending on larger purchases. But certain U.S. states have recognized this struggle and are using budget surpluses to assist residents with day-to-day expenses.
As reported by MarketWatch, California authorized direct relief payments this week, which are expected to help approximately 23 million residents.
The decision to dole out payments, which range between $200 and $1,050, "as part of a NEW middle class tax rebate," California Governor Gavin Newsom tweeted on June 26.
"That's more money in your pocket to help you fill your gas tank and put food on the table," Newsom wrote in the tweet.
Funds will come from a $17 billion relief package approved by Newsom and Democratic legislative leaders in California, CNBC reported, which includes $9.5 billion in inflation relief funds.
There are stipulations to who qualifies.
ShutterstockCalifornia residents will be eligible to receive different payment amounts, depending on income and dependents.
According to CNBC, if you make $75,000 or less, or $150,000 if you're married and file your taxes jointly, you can receive up to $350 for each tax filer. You'll also get another $350 if you have one or more dependents, bringing your household to the max total of $1,050.
For tiers above that, tax filers can qualify for $200 or $250 payments each, but those who make above $250,000 individually or $500,000 when filing jointly do not qualify for inflation relief.
According to CNBC, Golden State taxpayers can expect to receive these payments by early 2023.
Will other states follow suit?
Monkey Business Images / ShutterstockThe sheer amount that California is planning to give out will actually "set a new standard," Dylan Grundman O'Neill, senior state policy analyst at the Institute on Taxation and Economic Policy, told CNBC. This is thanks to California having one of the largest budgets and also the biggest surpluses, he added.
"They have a highly progressive tax code that is bringing in a lot of revenue from the profitable corporations and wealthy individuals that are doing the best in this economy right now," O'Neill told the outlet.
But if you don't live in California and are hoping to get some state-funded relief, you will be happy to learn that other locales are pitching in.
States have issued relief in the form of cash-back checks, rebate payments, and tax rebates and refunds, CNET reported, including Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Maine, Minnesota, New Jersey, and New Mexico. Unfortunately, you might be out of luck if you live elsewhere, as most states have wrapped up legislative sessions for 2022, CNBC reported.
