Several states are sending taxpayers money to help them cope with inflation, but some economists warn that the payments will do little to alleviate the pain of rising costs and could further fuel inflation.
In California, for example, about 23 million qualifying taxpayers are expected to receive up to $1,500, with smaller payments going to higher earners. The payments, which are technically tax refunds, will start going out October 7 and are meant “to help address rising costs,” according to Democratic Gov. Gavin Newsom’s office.
In Georgia, taxpayers received up to $500 in one-time tax refunds over the summer.
“As hardworking Georgians face rising inflation caused by failed federal government policies, we are doing what we can to provide relief by returning their money back into their pockets,” said Republican Gov. Brian Kemp in a May statement.
In other places, like Colorado, states are required by law to return excess state revenue to taxpayers. Tax rebates that went out this summer are worth $750 for individual tax filers and $1,500 for joint filers. Labeled as a “Cash Back” program, Democratic Gov. Jared Polis said the state moved up sending the refunds out by about a year “because they need it now,” according to an interview with Colorado Public Radio in August.
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