At least 20 states in the US are offering one-time tax rebates and tax credits in an attempt to help taxpayers beat the rising cost of living under record-level inflation.
Inflation remains at its highest levels in decades and was as high as 9.1 percent in June, though it’s down to 7.6 percent in October. Core inflation is at 6.6 percent.
Shoppers on average are splashing out $433 more per month than they were in 2021 – despite buying the same goods and services.
While figures are slightly down from the $445 monthly figure in September, Moody’s Analytics analysis of October data shows inflation is still stretching budgets.
In response, states run by both Democrats and Republicans have tried to offer temporary fixes, tax cuts, and rebates targeting everything from children to frontline workers.
At least 20 states in the US are offering one-time tax rebates and tax credits in an attempt to help taxpayers beat rising cost of living under record-level inflation
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