Fighting fire with fire: "California is giving out $1,050 inflation relief checks."

  1. tldr; California Governor Gavin Newsom has announced that qualifying Californians will begin receiving tax refunds of up to $1,050 this week to ease the blow of inflation. The one-time payment, known as the Middle Class Tax Refund (MCTR), will be automatically delivered to residents starting October 7, 2022, through January 15, 2023. However, not everyone will get the same payment as the amount varies based on tax filing status and income.

  2. Idk. Usually tax money is spent willy nilly so giving out a tax refund doesn't seem like the worst idea. It isn't like California is printing money to give out these inflation checks

  3. Regardless of printing money or not, giving the public more money will increase demands on food/oil hence inflation of prices. I know bird flu but look at eggs 2019 it was 4 cent an egg, this week we just hit 33 cents.

  4. If California was to use this money to instead pay down state debt would it not be deflationary? Instead they are giving it to consumers who will reintroduce the money supply into the wider economy which would be inflationary relatively speaking.

  5. The fact that tax money should indeed be used for the welfare of the country though. Because development indeed matters!

  6. CA could have just lowered taxes on goods, which lowers prices on stuff. Giving 1k for a trip to the Dominican Republic or a PS5 isnt helping :(

  7. If you think government spending is bad for inflation, just wait until you hear about fractional reserve banking. Or derivatives.

  8. Lol if you're suggesting people get mad about fractional reserve banking and investment vehicles, I suggest you put down the pipe and read an econ 101 book

  9. Oh the state is doing some fractional reserve bullshit with the budget surplus. They overtax the state and then they pay a little part of it back with the same tax revenue after holding onto it for a year or more.

  10. Getting a fraction of their taxes back. Californian citizens are taxed to death and all these little boot lickers are foaming at the mouth over a couple scraps of fat tossed back to them. Obviously taxes are necessary to help keep the infrastructure of society moving and working but that's not what our taxes are being used for.

  11. I checked the scale I'm eligible for like $200. Meanwhile daily I'm getting reamed on food costs that cost me about $30-40 that used to cost me $15 daily.

  12. Bit of a misnomer. Should be named the “slightly reducing the crippling taxes that are killing the middle class, but in a stupid way act”

  13. ya'll don't get it some of this give away money goes to crypto - giving away cash is always good for crypto. It hastens the coming of bitcoin

  14. If California printed its own money and thus was changing the money supply youd be right but this is no different than a tax cut.

  15. ITT dummies living in leeching red states who eat propaganda for breakfast, hating on the most productive state in the union

  16. itt working class people hating on each other instead of standing together against those who seek to rule us through impoverishment. a tale as old as time

  17. ITT mediocre middle class residents of California think that they’re industrial geniuses that are better than everyone because the biggest international corporations on the planet happen to be headquartered in some of their port cities

  18. LOL, money for some paid for by others that don’t receive any. How nice of Newsom to decide who gets a few tanks of gas and who gets taken to the cleaners.

  19. Gavin is buying votes. Nothing short of that… this POS will turn around and find 10 other ways to raise taxes and then squander it all over again. He’s shady AF

  20. California can't print money, this is different from federal subsidies, they can spend it because they made it in taxes, that's perfectly fine

  21. And who eventually pays for the 1050? Exactly, the taxpayers……if they can’t, more money has to be ‘borrowed’ or printed, inflation goes up again and……I guess we’re not done circle jerking yet. The whole thing will come crashing down on us

  22. It would be a refund if they gave people back what they put in. Is that what this is? My guess (haven't read it), is that they'll disperse the money to people who didn't pay in

  23. Conservatives losing their minds when a democratic state gives out a tax surplus refund. However it’s labeled.

  24. Anybody making that much income, has the ability to create their own tax relief. Just purchased property to offset the income taxes and continually grow your net worth at the same time. But that’s almost impossible for a couple that makes 120 K a year.

  25. To think the feds had to give the states money to fix budget woes. Clearly so governors could give kick backs in an election year.

  26. Don't know what's indeed up with people they be certain making irrelevant topics though which lack senses and logic.

  27. If this means the state will spend less, it shouldn't create much inflation. If they're going to keep their spending, just with less taxes collected, then they'll have to use debt, and that will most certainly increase inflation.

  28. Oofers, you do realize this isn’t printing new money right? Tax refunds don’t do anything to supply of money which is what would cause inflation in most cases.

  29. We blew our money so we made more, we blew that money so we made more, sorry not sorry we also blew that money so we made more. This devalued your money so we made more. Here’s some money now shut up for a year or two and we will make some more.

  30. So what's the consensus or the expert opinion here - is this inflationary? Or is this not strictly inflationary but preventing from high prices to come back down - so it's anti disinflatoinary?

  31. Well it's a tax refund, so really they're getting their money back. Technically shouldn't cause any base money inflation.

  32. This is the second best investment California could possibly make. Bitcoin being number one, obviously.

  33. What are you even talking about I don't really think like they are allowed to do this kind of things

  34. Tax the fucking corporations and use the money to help their mom and pop competition reduce their prices. Watch the corporations drop their prices instantly.

  35. You are absolutely right about it I think they should think about something better than that eventually

  36. This is indeed a good step that is indeed been taken though good for normal people who indeed got affected though.

  37. I think that everyone on here bitching should not except their refund and return it! What does it say about your character if your not happy don’t except it! Take your complaints and do something productive with them, make some changes happen!! Am I right?!

  38. I have read all the comments here and all the ones like yours mentioning that its a bribe to get elected are downvoted. The thing is, no one is making him give a "refund" but he is doing it anyway. Why? Not because he loves and cares about the middle class thats for sure.

  39. When reality just hits hard but I feel there is some good politics circulating which indeed wants good for its citizens!

  40. Tax refund not a cost of living payment! Well I know it’s not ideal to print more money to fight inflation but how else people will survive?

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