The economy is so great the government is considering giving out $300 in stimmy checks

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New York is considering a bold move to provide financial relief to its residents amidst ongoing inflation concerns. Governor Kathy Hochul has proposed using excess sales-tax revenue to send out “Inflation Relief” checks to millions of New Yorkers. If approved, families making up to $300,000 would receive $500, while individuals earning up to $150,000 would get $300. This plan aims to ease the financial strain caused by rising living costs and return some of the state’s surplus revenue back to the people.

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The proposal is expected to benefit around 8.6 million New Yorkers, with payments starting in the fall of 2025 if the plan passes the Legislature. The funds for these payments come from excess sales tax revenues, which have increased significantly due to inflation’s impact on consumer goods. Governor Hochul emphasized that the cost of living is still too high, and New Yorkers deserve a break.

This initiative is part of a broader “Money in Your Pockets” agenda that Hochul’s administration has been pushing since she took office. Over the past few years, the administration has delivered over $5.5 billion in supplemental payments and tax relief, including middle-class tax cuts and child tax credit payments. The Inflation Refund plan is seen as a continuation of these efforts to provide financial support to New Yorkers.

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The impacts of this proposal could be significant. For many families and individuals struggling with the rising cost of living, an extra $300 or $500 could make a substantial difference. It could help cover essential expenses like groceries, utilities, or medical bills, providing some much-needed relief. However, there are also concerns about the long-term sustainability of such measures and whether they address the root causes of inflation.

Sources:

https://www.nbcnewyork.com/new-york/inflation-relief-checks-500-kathy-hochul/6053114/

https://www.fingerlakes1.com/2024/12/09/stimulus-returns-hochul-proposes-3b-inflation-refund-for-8-6m-new-yorkers-in-2025/


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