Inflation Worries Trigger Tax Rebates; Do You Qualify?
Americans in some parts of the country are getting extra cash to help offset the increasing inflation issues. At least 21 states are offering financial relief to residents struggling with higher food, gas, clothing, and housing issues.
Although consumer prices slowed ever-so slightly in July, they still rose 8.5% last month from a year ago. That's near a four-decade high and more than quadruple the Federal Reserve's target of 2%. Here's is Illinois's plan for dealing with these increases in prices, when it comes to daily living and necessities.
In Illinois, Governor Pritzker has signed a historic budget delivering $1.8 Billion in Tax Relief for Families The state's family relief plan includes suspending a 1% sales tax on groceries through next June, briefly slashing sales taxes for back-to-school shopping and freezes the state's motor fuel tax for six months. Illinois is also sending $50 rebates to residents who make less than $200,000 a year, and another $100 for up to three eligible dependents. State revenue officials say the checks will start mailing in September.
In addition, Chicago is also holding monthly lotteries through September in issuing 50,000 prepaid $150 gas cards and 100,000 prepaid $50 transit cards to those making no more than $73,000 a year.
Other states offering similar rebates and tax stimuli include; Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, South Carolina, Vermont, and Virginia.