By Eric Holder
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2021 May 10, 2:50pm
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Gov. Gavin Newsom announced at a Monday press briefing a proposal to expand the existing stimulus program for low-income residents to middle class families, with two out of every three Californians expected to receive $600 checks from the state if passed. There's also additional stimulus for families with dependents and undocumented families. The proposal is part of a $100 billion economy recovery package made possible by a $75 billion budget surplus.Newsom called it the largest tax rebate ever proposed in any state in American history and said it would offer immediate relief to millions and millions of taxpayers. Who would receive the $600 checks?Taxpayers who make up to $75,000 a year and did not receive a first payment from the state would get $600, according to a statement from the state. The first round of checks were distributed in April to California residents with an annual incomes of $30,000 or less.Under the expansion of the Golden State Stimulus program, families with dependents would receive an additional $500 in direct payments. Another $500 would also be made in direct payments to undocumented families....The payments will total an estimated $8.1 billion, said H.D. Palmer, a spokesman for the state Department of Finance. The proposal also includes $5.2 billion to pay back rent and $2 billion for overdue utility bills for people who fell behind during the pandemic.A law passed by voters in the 1970s requires the state to give some money back to taxpayers if the surplus hits a certain limit.
So it's "tax rebate" but not to those who actually pay fucking taxes.
The stock market went up because the Fed's been buying up trillions of dollars of bonds.
Misc saysThe stock market went up because the Fed's been buying up trillions of dollars of bonds. How does that follow?Are you saying that the Fed drove down interest rates, and that in turn propped up socks?