A CHECK worth up to $400 will be automatically sent out to eight million Americans in days.
The payment comes as part of an inflation rebate program in New York that will begin at the end of the month and continue over several weeks.
New York residents will be compensated for the cost of inflation[/caption]
New York Governor Kathy Hochul previously fought for citizens to get the money, after she faced backlash from officials.
She had said in a statement that the cost of living was too high and that these checks were needed.
Hochul clarified: “The cost of living is still too damn high, so I promised to put more money in your pockets – and we got it done.
“Putting nearly $5,000 back in the pockets of families means helping New Yorkers afford the rising costs of groceries, raising kids, and just enjoying life.”
The amount New Yorkers will be paid is based on their financial status.
Joint tax return filers who earned up to $150,000 in 2024 will get the full $400 payment.
Those making $300,000 or less will receive $300.
This is different for single filers, as those making $75,000 or less will receive a $200 check.
Single filers earning $150,000 or less will receive $150.
The checks will be sent out to those in New York who filed their 2023 tax return.
To be eligible, a New Yorker cannot have been claimed as a dependent on someone else’s tax return.
Those who filled out a 2023 Form IT-201, will receive the payment automatically.
HELPING BILLIONS
The taxation and finance department confirmed that a payment schedule is not available, per the Daily Mail.
Roughly 8 billion people will be paid from this program, with $2 billion set aside in New York‘s budget.
CPI and Inflation explained
The Consumer Price Index is how the federal government measures inflation.
Every month, the Bureau of Labor Statistics shares its CPI numbers with detailed breakdowns of which items have changing prices.
The CPI shows the amount prices rose or fell over the previous 12 months.
The calculation process is complex, but measures the changes in price for urban consumers, those living or working in an American metropolitan area.
While that does not cover everyone, it measures prices for about 90% of the population.
Hochul originally wanted it to be $3 billion, but this changed following budget negotiations.
CRITICISM
Hochul has been criticised over the inflation rebate payments by fellow officials.
New York representative Ritchie Torres argued in a statement that the checks would not be enough.
He said: “A one-time check will not compensate for the double-digit increases in inflation that New Yorkers have suffered during the Governorship of Kathy Hochul.
“For three years, the Governor has ignored the millions of New York families crippled by the crushing cost of groceries and gasoline.”
Others said that the money could be better spent on things like SNAP food benefits for those in the state.
