Working New York Families To Get $5,000
There's good news for working families in New York State. As the economy possibly moves towards a recession, leadership in New York is working to put money back in residents 'pockets. Based on many economic forecasts, America is not headed in the right direction. I had hope in January that we would all get rich quickly, but it looks like most of us working and middle-class people are going to get poor quickly instead. Tariffs on China are about to drive prices on many goods and parts up to unaffordable prices for many families. We ended 2024 with a solid economy. Let that sink in. Four months later, the economy has gone bad.
Christmas has already been canceled thanks to Trump's tariffs. His supporters seem to be in a state of bliss, enjoying the crumbling economy because...well, I still haven't figured out why they are so giddy about costs increasing and our economy crashing down in front of our eyes. For the rest of us, all we see on the horizon is darkness and storms ahead. New Yorkers should get ready for empty store shelves and high prices. This is when I am thankful I live in a state with good leadership. The news isn't all bad. Governor Kathy Hochul announced that working families will get up to $5,000.
KEEP READING: The Real Cost Of Tariffs For New Yorkers
New York Families To Get Up To $5,000 Back In Their Pockets
Governor Kathy Hochul is celebrating a win for working New York Families. A FY 2026 New York State Budget deal was reached that will deliver cash, savings, and credits of up to $5,000. New York State's Child Tax Credit will be increased, taxes will be cut for middle-class New Yorkers, inflation rebate checks will be going out, and children will get free meals.
I often see people of a certain political party complaining about kids getting free lunch. Let me repeat that - I see adults complaining about kids in New York getting to eat free at school. I don't have kids, but I am more than OK with my tax dollars paying for children not to go hungry. Better that than paying for golfing! People want to "make America great again," but somehow think mistreating the next generation is the way to do it. It's disgusting, purely disgusting, but I digress.
Thank you to Gov. Hochul and the NYS Legislature for doing RIGHT by our children and parents struggling to make ends meet! Gov. Hochul said,
“The cost of living is still too damn high, so I promised to put more money in your pockets – and we got it done. Putting nearly $5,000 back in the pockets of families means helping New Yorkers afford the rising costs of groceries, raising kids, and just enjoying life. When I said your family is my fight, I mean it – and I’ll never stop fighting for you.”
KEEP READING: 50% Of Social Security Benefits Will Be Seized From Some New Yorkers
Here's The Financial Relief Is Coming To New York Families
According to LendingTree, raising a child in New York is not cheap,
- Basic annual expenses to raise a small child equal $26,017 in New York
- Families are projected to spend $131,094 over 18 years raising a child in New York
- New York families spend an average of 19.8% of their income on the basic annual expenses to raise a child
Expanded Child Tax Credit
The budget will deliver an increase to the Child Tax Credit. Eligible families will receive a $1,000 credit for kids younger than 4 years old and a $500 credit for kids between the ages of 4 to 16.
Inflation Rebate Checks
- Joint tax filers will receive a $400 check (with income up to $150,000).
- Joint tax filers with income over $150,000 and under $300,000 will receive a $300 check.
- Single tax filers will receive a $200 check (with income up to $75,000).
- Single filers with incomes over $75,000 and under $150,000 will receive a $150 check.
Tax Cuts For The Middle Class
Gov. Hochul's FY 2026 New York State Budget will reduce income taxes for more than 75 percent of all New Yorkers who file taxes, providing nearly $1 billion in tax relief to 8.3 million New Yorkers each year.
Free School Meals for Students
Over 2.7 million students can receive breakfast and lunch for free at school, saving working families money. There will no longer be an income requirement for kids to receive free lunch. The estimated savings for families in NY is $165 per child each month.
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