Money in Your Pockets: Gov. Hochul Proposes First-Ever Inflation Refund for NY Working Class
If there is one thing most parents in New York can relate to, it’s how expensive it is to raise a family here. While it’s certainly never been cheap, the ripple effects of post-covid inflation have left the majority of New York’s middle class families living paycheck to paycheck, with many even questioning whether they can continue to afford living here at all.
In an op-ed to our sister site AMNY, Governor Kathy Hochul expressed her frustrations with the current economic situation, stating “No one should ever have to leave our great state because they can no longer afford to live here. I believe New York should be a place where people can get ahead, not just get by.”
At a press conference earlier this week, Hochul unveiled plans for the state’s first ever Inflation Refund, an initiative that would deliver about $3 billion in direct payments to approximately 8.6 million New York taxpayers statewide in 2025.
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families,” she stated. “My agenda for the coming year will be laser-focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks of up to $500 to help millions of hard-working New Yorkers. It’s simple: the cost of living is still too damn high, and New Yorkers deserve a break.”
Psst… Check out A Very Merry New York Family Holiday Guide
This new refund would grant a payment of $300 to single individuals earning up to $150,000 per year, and a payment of $500 for families (joint tax filers) making up to $300,000 per year.
Hochul expressed a strong understanding of the millions of families struggling financially. “As New York’s first mom governor, I know the stress parents feel intuitively – in my bones I feel it,” she said. “Growing up in a working class family I know that feeling of just not getting ahead… Fried spam sandwiches and tuna casseroles were seen on our table often – I didn’t care for either.”
Any New Yorkers who recently filed tax returns will be eligible for the payment, regardless of homeownership or parental status. If this proposed Inflation Refund is passed by the State Legislature, payments will be made starting in the fall of next year.
“Governor Hochul’s proposed inflation refund is a critical step in addressing the affordability crisis impacting so many New Yorkers,” said United Way of New York City CEO and President Grace Bonilla said.” As highlighted in our True Cost of Living report, 50 percent of New Yorkers struggle to make ends meet. Rising rents, utility bills, grocery prices and child care costs are pushing families to their breaking point. We witness these challenges every day and this refund is the type of direct investment needed to provide relief. We deeply appreciate the Governor’s leadership and commitment to creating a more equitable and affordable New York for all.”
The initiative is the first proposal for the 2025 State of the State, and according to Hochul, is just one of several aimed at alleviating the cost of living for New Yorkers. Since taking office, the Hochul Administration has delivered more than $5.5 billion in supplemental payments, tax relief and rebates, as well as expanding access to child care assistance and paid leave for families and pregnant women.
Psst… Check out Shocking Survey Reveals Healthcare Professionals Say Vaping Is a Teen Epidemic
