Every time Americans, especially low and moderate-wage earners, visit the store they are reminded of how much their wages have eroded in real times. The economic upheavals of the pandemic era were assuaged to some extent by the series of economic impact payments, also called stimulus checks. The federal stimulus checks helped Americans during the peak pandemic period and after.
The regular federal support ended with the monthly Child Tax Credit stimulus checks between July and December 2021. Even as prices increased across products and services in 2022, people were left without any support till the states stepped in with payments from their budget.
Through 2022, close to two dozen states sent out direct payments to residents to provide relief from inflation. The checks were meant to help Americans as they struggled to pay their food, oil, and housing expenses. Most states gave out one-time checks. Only New Mexico sent out multiple checks spread out over 4 months.
California paid out its third state check with the Middle-Class Tax Refund that gave out between $200 and $1,050 to 23 million of its residents depending on the Adjusted Gross Income in 2020. Residents with an individual AGI below $250,000 and $500,000 for joint filers.
New Jersey Among A Few States Giving Out Stimulus Checks In 2023
New Jersey is giving out checks in 2023. The resident will get the checks as property tax rebates. Homeowners with an AGI up to $150,000 will get a rebate of $1,500 while those with income between $150,000 and $250,000 will get $1,000.
Renters are also part of this round of payments and are eligible for a rebate of $450 if their AGI is below $150,000. Payments are scheduled to go out for the first two quarters of 2023. The payments will be based on the income of people in 2019. The eligible residents will get the payments through direct bank deposit or a paper stimulus check.