The rising costs of inflation have Americans across the country in a near panic regarding their finances and the ability to afford basic necessities—but the state of California is providing significant financial help to its residents. Announced by Governor Gavin Newsom, over 20 million California residents are set to receive up to $1,050 as part of the state’s “inflation relief.”
For the 23 million California residents who earn less than $250,000 a year, financial assistance is on the way in the form of the recently approved inflation relief package. @NYPost reports that the breakdown for the package also specifies that residents earning under $75,000 annually will receive $350 and joint filers with a combined income of $150,000 or less will receive $700 with an extra $350 for dependents. Additionally, those with an annual income of $125,000 or joint filers with combined earnings of $250,000 will receive between $250 or $500 combined, with another $250 for dependents—for a maximum totaling $750. The most that anyone will receive stops at a total of $1,050.
For the high earners in California with an annual income of over $250,000 or $500,000 jointly, they will only receive $200 plus an additional $200 for one dependent for a maximum of $600. Led by Governor Newsom, the California legislature reached an agreement of $17 billion to provide immediate relief to state residents who have been struggling to stay afloat due to nationwide inflation, especially since California now has some of the highest gas prices in the country.
Taking to Twitter, Governor Newsom announced the inflation package, writing “Millions of Californians will be receiving up to $1,050 as part of a NEW middle-class tax rebate. That’s more money in your pocket to help you fill your gas tank and put food on the table.”
The payments will be received either via direct deposit or debit cards from Sacramento.
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