According to a June 28, 2022 SacBee article, Gov. Newsom and Democratic legislative leaders have agreed on a $17 billion relief package that includes $9.5 billion in inflation relief funds. California Department of Finance spokesman H.D. Palmer said in an email to The Sacramento Bee that payments would go out as direct deposits and as debit cards by early 2023.
How will you be impacted? Read on to find out.
▪ Single filers making <$75K/year = $350
▪ Joint filers making <$150K = $700. If they have at least one dependent, they will receive an additional $350.
▪ Single filers making between $75,001 and $125,000 will receive $250, while joint filers making between $150,001 and $250,000 will make $500. If they have at least one dependent, they will receive an additional $250.
▪ Single filers making between $125,001 and $250,000 will receive $200, while joint filers making between $250,001 and $500,000 will receive $400. If they have at least one dependent, they will receive an additional $200.
What are your thoughts on the "inflation relief" bill? Do you think it will drive further inflation in the state? When do you end up with the "extra" cash, make sure you save it for a rainy day if possible. Otherwise, it'll be best spend towards necessities (not wants).
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