The U.S. inflation rate has hit all-time highs. This has prompted some states to continue sending out inflation relief checks, also known as stimulus checks or tax refunds, throughout January 2023 and beyond as a measure of relief from high prices.
However, it is worth noting that these inflation relief checks may actually make inflation worse.
These checks can increase the money supply in circulation, which can lead to higher prices for goods and services. Additionally, as people start to spend these checks, demand for goods and services may increase, further driving up prices. This can be particularly problematic for low-income households, who may struggle to afford basic necessities as prices rise.
Critics argue that this is a classic example of leaders exacerbating financial and economic problems rather than solving them. After creating one of the worst inflation crises in history, the solution is more inflation! A Kindergarten-level explanation is required to understand the mental gymnastics one needs to perform to be this incompetent.
Here are several states where you might be eligible for a relief check.
California is continuing to mail out the Middle-Class Tax Refund, with payments of up to $1,050 being sent out through January 2023. The state has already issued 7,020,930 direct deposits and 9,112,953 debit cards for the refund.
In Colorado, taxpayers who requested an extension to file their 2021 tax return, which was due on October 17, will receive up to $750 by January 31, 2023.
Hawaii residents who earned less than $100,000 in 2021, or $200,000 if filing jointly, will receive a one-time tax refund of $300. Individuals who earned more than $100,000 and couples who earned more than $200,000 will receive a payment of $100. Direct deposits began issuing at the end of August, and taxpayers who filed their 2021 state tax returns between July 31 and December 31, 2022, will receive direct deposit up to 10 weeks after the tax department accepts their return, or 12 weeks if they requested a physical check.
Idaho’s Governor Brad Little has authorized tax refunds of $600. Payments began in September and will continue through January of this year.
In Massachusetts, refund mailing to taxpayers of approximately 14% of their state tax liability began in November. People who filed their 2021 return before October 17 of last year received their refund in December. Taxpayers who filed after and until September 15, 2023, will receive their payment one month after filing.
New Mexico residents can still receive a $500 refund for single filers and $1,000 for joint filers. Residents have until May 2023 to file their 2021 income tax return and qualify for a refund.
In South Carolina, income tax refund checks of up to $800 began mailing to taxpayers in November. Taxpayers who filed their 2021 tax return by October 17, 2022, should have received their refund by the end of 2022. If they filed after the October 17 extension deadline, but before February 15, 2023, they will receive their refund in March 2023.
In New Jersey, about 2 million households will receive property tax refunds thanks to the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program, a $2 billion property tax relief program. Homeowners making up to $150,000 will receive $1,500 in property tax refunds, while those making between $150,000 and $250,000 will receive $1,000. Tenants earning up to $150,000 will receive $450 checks. The deadline to apply is January 31, 2023, with rebates due by May 2023.