State governments flush with money are returning billions of dollars to their residents
Colorado State Treasurer Dave Young holds up a replica of a check sent to resident joint tax filers as part of the"Colorado Cashback" refund Tuesday, Aug. 30, 2022, in Denver. More than half of the states with record revenue surpluses have been giving money back to taxpayers at a historic pace this year. JEFFERSON CITY, Mo.
“I don’t think there’s been a time in history where states are better equipped to ride out a potential recession,” said Timothy Vermeer, senior state tax policy analyst at the Tax Foundation, a Washington, D.C.-based think tank. “A majority, if not all, of the rainy day funds are in a really healthy position.”
At least 15 states have approved one-time rebates from their surpluses, including 10 led by Democratic governors and legislatures, four by Republicans and one — Virginia — with split partisan control.of between $200 and $1,050 to individuals earning less than $250,000 annually and households earning less than $500,000.