NEW YORK, Jan. 15 (Xinhua) -- New York State Governor Kathy Hochul proposed a series of policies to bolster residents' livelihoods on Tuesday, including a direct 3-billion-U.S.-dollar payment to 8.6 million New Yorkers through the first inflation refund.
Through the rebate, joint taxpayers with annual incomes of 300,000 U.S. dollars or less will receive a subsidy of 500 U.S. dollars and all single taxpayers with annual incomes of 150,000 U.S. dollars or less will receive 300 U.S. dollars in the program.
Hochul outlined more than 200 initiatives in her 2025 State of the State address. Highlights also include lowering middle-class taxes to their lowest levels in nearly 70 years and increasing the child tax credit.
The State of the State address is a speech released by the governor, usually at the beginning of each year, to report statewide conditions and propose new policies.
These initiatives "will put money back in people's pockets, keep New Yorkers safe and ensure the future of New York is a place where all families can thrive," according to Hochul.
The Consumer Price Index for All Urban Consumers (CPI-U) for all commodities in the New York area has risen 4.3 percent over the past 12 months, according to the data U.S. Bureau of Labor Statistics released in December, 2024.
Factors contributing to inflation include increases in food and gasoline prices. A bird flu outbreak has caused egg shortages and elevated prices. The U.S. Department of Agriculture estimated that egg average prices in New York State would remain high in the early part of 2025.
Oil prices have risen seasonally, and the anti-pollution bill Hochul newly approved, which requires oil, gas, and coal companies to pay the state as much as 75 billion U.S. dollars in carbon emission fees, reinforces concerns that gas prices will continue to rise.
New York State will hold the next gubernatorial election in November, 2026. Hochul has already said she will run for re-election.
