Missouri Senators Are Proposing $500 Tax Refunds for Residents.

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Several states, including Missouri, have proposed their own tax rebates or stimulus checks to help alleviate the burden of forty-year-high inflation.

Under a plan supported by state senators, many Missouri taxpayers could receive a one-time refund of up to $500 per person if national inflation remains elevated.

The plan’s Republican sponsor and chairman of the Senate Appropriations Committee, Dan Hegeman, described it as “a rebate of your hard-earned (tax) dollars.” Moreover, “it permits taxpayers to receive a portion of their money back.”

 

Income Tax Refunds

 

According to the Associated Press, the Senate proposal is similar to the one passed by the House, but would apply to fewer residents and cost the state less. The rebates will be limited to taxpayers with incomes of $150,000 or less, or $300,000 for married couples, and those who did not pay income tax in 2021 will not be eligible. The plan requires a final Senate vote before proceeding to the House and Governor Mike Parson.

John Rizzo, minority leader in the Senate, remarked, “I believe we’ve landed in a good spot.” I believe we have reached a reasonable compromise here. He added that the plan targeted “middle-income people” who “have been through the wringer in recent years” due to the ongoing Covid-19 pandemic for tax relief.

Several states, including Missouri, have proposed their own tax rebates or stimulus checks to help alleviate the burden of forty-year-high inflation. In a rebate program proposed by Hawaii legislators, for instance, taxpayers earning less than $100,000 per year and their dependents will receive a $300 payment. For those who earn over $100,000 annually, $100 will be provided.

In Pennsylvania, Governor Tom Wolf is urging lawmakers to distribute $2,000 checks to families with incomes of $80,000 or less. In Maine, state lawmakers recently approved a budget that includes $850 stimulus checks for an estimated 858,000 residents, and New Mexico residents can now anticipate receiving cash rebates ranging from $500 to $1,000.

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In Colorado, Governor Jared Polis and the state legislature have proposed the Colorado Cashback program, which will pay eligible residents $400 this summer. In Minnesota, Governor Tim Walz is proposing direct payments of $500 for individuals earning less than $164,400 and $1,000 for couples earning less than $273,470. In California, Governor Gavin Newson is pushing for a debit card-based tax refund of $400.

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