Stimulus Checks Could Help Counter Inflation

Stimulus Check
Stimulus Check

Citizens unable to cope with the rising prices of gasoline and essentials have some hope in hand. Both state and federal administrations have introduced legislation to enable citizens to get stimulus checks to cope with the high inflation rate.

Unlike relief measures in the recent past, the proposed stimulus checks are of a much lower amount and are not targeted at the general population. The main purpose of these stimulus checks is meant to help out people directly affected by the high inflation rate.

The administration realizes that pumping in large amounts could only further fuel inflation instead of helping people weather the storm.

The fresh stimulus checks to combat inflation focus on specific groups and sectors, including gas cards. Disbursement is based on the income threshold. It could bring immediate relief to the prices of most services and goods.

Various Stimulus Checks From The Federal And State Administration

Multiple governments from the state level to the federal administration are looking at ways to bring relief to taxpayers as prices remain high.

In Washington, Reps. John Larson and Mike Thompson, both Democrats, introduced the 2022 Gas Rebate Act. Though in the initial stages, the Act will give energy expense relief worth $100 to eligible citizens and an extra $100 to each dependent.

At present, the eligibility for payments is structured like past stimulus check payments. Single filers with earnings of $75,000 and less will receive the complete payment, while for married couples who file jointly, the maximum income permissible is $150,000.

Several states have by now approved legislative measures providing tax relief to citizens. Idaho has signed legislation allocating $350M in tax rebates to residents. They should have filed their returns from 2020-21, or they should be permanent residents of Idaho and submit grocery refund returns.

Georgia has given $250 to single filers and $500 to married couples. Indiana is giving a $125 one-time tax relief. 1 million families in New Jersey will get a one-time stimulus check of $500. Residents of New Mexico will get between $250 and $500 depending on their marital status.