Author Topic: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments  (Read 1352 times)

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Offline mystery-ak

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New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments

Olivia Rondeau 9 Dec 2024

New York Gov. Kathy Hochul has proposed a one-time $300 payment to individuals earning $150,000 or less, and $500 to couples making $300,000 or less, her office announced Monday.

In what would be the state’s first “Inflation Refund,” Hochul wants to send about 8.6 million New Yorkers a few hundred dollars starting in fall 2025 if approved by the legislature, an official press release stated.

Around $3 billion in taxpayer funds would be allocated for the payments, which the governor called a “break” for her constituents.

“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families,” Hochul said. “My agenda for the coming year will be laser-focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks of up to $500 to help millions of hard-working New Yorkers. It’s simple: the cost of living is still too damn high, and New Yorkers deserve a break.”

The press release explained that New York residents who “recently filed tax returns will be eligible for the payment.”

“Taxpayers who are single, head of household, or married filing separately, will be eligible if their income was no greater than $150,000. Resident couples filing jointly will be eligible if their income was no greater than $300,000,” Hochul’s office stated.

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https://www.breitbart.com/politics/2024/12/09/new-york-gov-kathy-hochul-proposes-300-inflation-refund-payments/
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Online Kamaji

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #1 on: December 10, 2024, 01:53:44 pm »
Why not cut the tax rate?

Offline IsailedawayfromFR

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #2 on: December 10, 2024, 02:19:08 pm »
Issuing money to stop inflation?

Economics 101 is that ALL inflation is caused by an oversupply of government money.

Hochul is as stupid as stupid can be.
« Last Edit: December 10, 2024, 02:22:47 pm by IsailedawayfromFR »
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Offline 240B

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #3 on: December 10, 2024, 03:43:15 pm »
Here! Have some more of my paper money. How much do you want?
Don't be shy ... the supply is endless!



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Offline DB

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #4 on: December 10, 2024, 03:47:58 pm »
Issuing money to stop inflation?

Economics 101 is that ALL inflation is caused by an oversupply of government money.

Hochul is as stupid as stupid can be.

I would simply point out that if it is taxpayer money being returned and not borrowed money then it isn't inflationary. It is money that comes out of thin air that is inflationary, devaluing the currency.

Offline IsailedawayfromFR

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #5 on: December 10, 2024, 06:21:05 pm »
I would simply point out that if it is taxpayer money being returned and not borrowed money then it isn't inflationary. It is money that comes out of thin air that is inflationary, devaluing the currency.
Well, like all states(see below), New York is heavily in debt.
https://www.datapandas.org/ranking/debt-by-state

Do you call a loan taken out by taxpayers that is returned to taxpayers debt?
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Offline DefiantMassRINO

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #6 on: December 10, 2024, 06:24:40 pm »
Rather than throwing a few bucks to a few winners selected by Government, how about lowering the cost of living for everyone?
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Offline DB

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #7 on: December 10, 2024, 06:38:03 pm »
Well, like all states(see below), New York is heavily in debt.
https://www.datapandas.org/ranking/debt-by-state

Do you call a loan taken out by taxpayers that is returned to taxpayers debt?

I said "If"...

Online Kamaji

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #8 on: December 10, 2024, 08:12:23 pm »
Rather than throwing a few bucks to a few winners selected by Government, how about lowering the cost of living for everyone?

:thumbsup:

Offline IsailedawayfromFR

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #9 on: December 10, 2024, 10:00:23 pm »
I said "If"...
Since all states and the federal government, since they are in debt, have to take out loans to pay out any money to citizens, it is always inflationary.

Therefore, there is never a time when it is not producing inflation to pay out money to citizens.

The only way to stall inflation is not some magic dust thrown out by the Federal Reserve in cutting rates, it is to cut spending as low as possible until there is no new debt being undertaken.
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Offline DB

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #10 on: December 10, 2024, 11:07:58 pm »
Since all states and the federal government, since they are in debt, have to take out loans to pay out any money to citizens, it is always inflationary.

Therefore, there is never a time when it is not producing inflation to pay out money to citizens.

The only way to stall inflation is not some magic dust thrown out by the Federal Reserve in cutting rates, it is to cut spending as low as possible until there is no new debt being undertaken.

Can't agree with that. That same theory would claim lowering taxes is inflationary. If the state takes in more than it spends, returning some of it or never taking it in the first place from taxpayers is not inflationary. Creating money out of thin air is the core of what causes inflation.

Offline IsailedawayfromFR

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #11 on: December 10, 2024, 11:44:35 pm »
Can't agree with that. That same theory would claim lowering taxes is inflationary. If the state takes in more than it spends, returning some of it or never taking it in the first place from taxpayers is not inflationary. Creating money out of thin air is the core of what causes inflation.
Debt is creating money out of thin air for the state, isn't it?  Issue some bonds or notes and voila! one has created money out of thin air.

And on the attachment I posted,  did you see any states that are not now in debt, which means they have NOT been taking in more money than they spend?
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Offline DB

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #12 on: December 11, 2024, 12:27:01 am »
Debt is creating money out of thin air for the state, isn't it?  Issue some bonds or notes and voila! one has created money out of thin air.

And on the attachment I posted,  did you see any states that are not now in debt, which means they have NOT been taking in more money than they spend?

No. In the past people paid real money to buy treasure bills, which is US debt, that paid interest. Those treasury bills were sold and they could only use the amount of money collected from them actually being sold. That money was not created out of thin air.

These days "quantitative easing" is printing money without going to the trouble of borrowing it. Hence it literally is created out of thin air. No one bought it providing the money.
« Last Edit: December 11, 2024, 12:55:08 am by DB »

Offline IsailedawayfromFR

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #13 on: December 11, 2024, 02:35:57 am »
No. In the past people paid real money to buy treasure bills, which is US debt, that paid interest. Those treasury bills were sold and they could only use the amount of money collected from them actually being sold. That money was not created out of thin air.

These days "quantitative easing" is printing money without going to the trouble of borrowing it. Hence it literally is created out of thin air. No one bought it providing the money.
I agree with what you say about quantitative easing.

Not certain what your point is on the earlier paragraph.

My point is states are issuing bonds that will never be repaid, which means the state is adding to inflation by placing more money into circulation.

Oh, and BTW, the many billions of unfunded state pension liabilities are also a debt that will most likely will never be paid either.
« Last Edit: December 11, 2024, 12:58:10 pm by IsailedawayfromFR »
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Offline Wingnut

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Re: New York Gov. Kathy Hochul Proposes $300 ‘Inflation Refund’ Payments
« Reply #14 on: December 11, 2024, 11:18:37 am »
People who know Hochul say that she really is that dumb. 
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