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Tags: california | stimulus | payments | middle | class | tax

Report: California's 'Middle Class' Stimulus Payments to Arrive by Dec. 31

(Newsmax/"Wake Up America")

By    |   Thursday, 08 December 2022 06:48 PM EST

The state of California's next wave of residential stimulus payments, offsetting the nation's rising inflation rates, will reportedly arrive by the end of December, according to a report from ABC 10 News.

The $1,050 payments are being distributed as part of California's Middle Class Tax Refund program, in which $9.5 billion was earmarked for state residents.

Payments will arrive either through direct deposit or a prepaid debit card, ABC 10 reports. Residents are being told to expect a few weeks for delivery.

The most recent Middle Class Tax Refund payments were doled out in October. However, according to reports, a large number of California residents have yet to receive the fall payments — via direct deposit or prepaid cards.

The California system plans on paying residents whose last names begin with the letters "N" through "V" by Dec. 31, ABC 10 reports.

All other outstanding payments are slated for a January delivery date.

The California residents who became eligible for the Middle Class Tax Refund payments were required to file their 2020 tax returns by a deadline of Oct. 15, 2021.

The program participants also cannot be listed as a "dependent" on tax returns.

Payment amounts will vary depending on marital status and annual income.

From February to October of this year, America's inflation rate has been at 7.7% or higher for each month — with a peak rate of 9.1% in June. 

For comparison, the U.S. inflation rate was 1.4% during the final month of Donald Trump's presidency (January 2021).

According to the Washington Examiner, married couples filing jointly could be paid anywhere from $400 to $1,050, while heads of household can "receive anywhere from $200 to $700, depending on income and number of dependents."

Last week, Newsmax chronicled how California officials were bracing for a projected $25 billion deficit in the next fiscal year, as a result of declining tax revenues.

The nonpartisan California Legislative Analyst's Office issued a report then, recommending state lawmakers cut spending when they reconvene in January.

The report also suggested "holding back some already budgeted funding" in order to avoid the shortfall.

© 2023 Newsmax. All rights reserved.


Newsfront
The state of California's next wave of residential stimulus payments, offsetting the nation's rising inflation rates, will reportedly arrive by the end of December, according a report from ABC 10 News.
california, stimulus, payments, middle, class, tax
348
2022-48-08
Thursday, 08 December 2022 06:48 PM
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