On May 21 this year, Governor Kathy Hochul convened a unique press conference. Along with the proposal, she announced a $10 million investment to revitalize main street in downtown Albany. The colorful Common Roots Outpost provided a great backdrop for the lively event. Given that $200 million has already been allocated by the state to change the area, Hochul announced that the state has hired MIG, a national consulting group, to lead the public engagement process.
In fact, New York has been beating its own revenue forecasts in recent months. That increase is mainly attributed to higher sales tax revenue largely resulting from higher sales tax revenues fueled by inflation. Douglas Boneparth is a Millennial certified financial planner and president of Bone Fide Wealth. To him, it’s all about developing that deep financial bedrock solidity. He stated, “The first priority is shoring up the basics,” highlighting the necessity for careful financial planning in response to economic fluctuations.
Hochul’s announcement would make New York the national leader in using initiatives and referendums to address economic challenges posed by inflation. Tax Foundation vice president of state projects Jared Walzcak shared an interesting trend. He further pointed out that New York is the only state making public announcements of inflation indexed rebate payments at this time. This initiative is a part of the Administration’s efforts to provide direct financial relief to eligible taxpayers. Refund checks should be mailed out in the coming weeks.
We want to point out that the funding for these inflationary rebate payments comes from increased sales taxes due to inflationary pressures. Walczak noted that these checks have only been possible due to the fact that higher prices for consumers have resulted in much higher consumer revenue to the states.
We appreciate the state’s efforts to urgently address the situation. At the same time, U.S. Senator Josh Hawley of Missouri has introduced the American Workers Rebate Act that would send household tariff rebate checks directly to households. This new legislation ensures that all adults and dependent children receive at least $600. For reference, a family of four could get up to $2,400. The American Workers Rebate Act, introduced by Sen. This is an important step in that legislative process.
Through an equity lens, Boneparth spoke to the wider lessons we should draw from financial assistance in these economically challenging times. He stated that utilizing available resources wisely “could be a smart move for your future,” encouraging taxpayers to consider how such rebates can aid their financial health.
The eligible New Yorkers will benefit from the convenience of receiving these payments without hassle. Unlike other programs, they’ll have to worry less about applying or signing up. This so-called no-wrong-door approach can help ensure that financial relief reaches the people who need it most quickly and without confusing, bureaucratic red tape.