Some 23 million residents of California who earn less than $250,000 a year will receive a check from the state government to help ease the burden of inflation which has sent prices of key commodities like food and gas soaring.
California Gov. Gavin Newsom and the Democratic-controlled legislature reached agreement last week on a $17 billion plan to provide relief to struggling residents who are paying some of the highest gas prices in the nation.
“Millions of Californians will be receiving up to $1,050 as part of a NEW middle class tax rebate,” Newsom tweeted on Monday.
“That’s more money in your pocket to help you fill your gas tank and put food on the table.”
Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%. The new inflation figure is the highest since 1981.
Millions of Californians will receive either direct deposits to their bank accounts or debit cards from Sacramento, according to Politico.
The plan calls for those earning less than $75,000 to receive $350. Joint filers who earn a combined $150,000 or less would get $700 as well as an additional $350 if they have dependents.
The most anyone can hope to receive is $1,050.
Those who earn $125,000 or joint filers with combined earnings of $250,000 will receive $250 or $500 combined, as well as an additional $250 for dependents. Payments for earners in that tax bracket would be capped at $750.
Californians who earn more than $250,000 or $500,000 when filing jointly would each receive $200 plus an additional $200 for one dependent for a ... (Read more)
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