Governor Newsom (D-CA) has reached an agreement with state lawmakers to issue in excess of $9 billion in tax refunds to his constituents in California.
The plan, which comes in response to rising gas prices, aims to provide larger refunds to households that earn less money with an additional payment for dependents as per the documents which outline the proposal.
“California’s budget addresses the state’s most pressing needs and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries,” state officials said in a joint statement published Sunday.
The plans documents also confirm that it will be issued on a sliding scale. As the Los Angeles Times explained in a breakdown of the package:
“An individual who earns up to $75,000 a year would receive a $350 refund, which would double to $700 for joint filers earning as much as $150,000. Households would receive an additional $350 payment if they claimed any dependents, for a maximum refund of $1,050.
At the next income level, single filers who earn up to $125,000 would get $250 refunds. Households that file jointly and earn up to $250,000 would receive $500. Children or any other dependents would qualify taxpayers for an additional $250 payment, making families in the income bracket eligible for as much as $750 total.
Individuals who earn up to $250,000 would receive $200, and joint filers with income of as much as $500,000 would receive $400. Households with dependents would receive an extra $200, making this income bracket eligible for a maximum of $600.”
On Friday, the average price for a gallon of gas in California was $6.34, placing the state $1.42 above the national average, according to the American Automobile Association.
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: CALMATTERS.ORG
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