Residents in eight out of 17 states that have created inflation relief programs to help people combat increasing inflation must work soon to make sure they get their payments.
While these states have aimed to help residents with extra money, the national approach taken by the Federal Reserve Bank has been to increase interest rates and discourage spending. This month, economist Chris Thornberg of Beacon Economics told Audacy’s podcast “The Homestretch” that the Fed’s approach is “stupid.”
“The real problem is yet again, the Fed is being stupid,” Thornberg told host Doug Sovern of KCBS Radio in San Francisco. “I mean, okay, so you just you created this problem by printing way too much money and putting it into people’s and businesses’ checking accounts. Now, how are you trying to fix this problem? You’re jacking up interest rates? What?”
What states have offered inflation relief?
Inflation increased by 0.4% in September, bringing the total increase over the previous 12-month period up to 8.2%, according to the Bureau of Labor Statistics. For economically vulnerable people, this increase could make buying every day necessities difficult.
So, the following states put programs in place for eligible people, according to CNBC: California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina and Virginia.
“The effort is mostly funded by tax revenue surpluses, either as automatic rebates mandated by state law or as part of legislation specifically to address the costs of rising inflation,” CNBC explained. Eligibility varies by state.
Which residents should hurry the most to make sure they get relief?
CNBC reported Friday that the deadline to submit eligibility for relief in four states is coming up at this month: Colorado, Georgia, Maine and Massachusetts.
To be eligible, people should make sure their recent tax returns have been filed. While Maine filers have until Halloween, taxpayers in the other states have until Monday (Oct. 17) to meet their deadline.
Residents in other states also have a deadline looming…
For tax filers in three other states, the deadline to get inflation relief is coming up before the end of the year: Hawaii, Idaho and Virginia.
In Hawaii and Idaho, the deadline is Dec. 31. In Virginia it is coming up on Nov. 1. As in other states, recipients must file their recent tax returns.
Although South Carolina initially had an Oct. 17 deadline, it extended it through Feb. 15 for late filers due to Hurricane Ian.
Related
Related
