Inflation Spikes as Governors and State Leaders Look for Way to Provide Relief…it’s also an Election Year

REUTERS/Lucy Nicholson

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Shock gas, grocery price hikes spur states to pursue tax relief
  • Rapidly climbing inflation in the U.S. is accelerating calls from governors and state leaders to provide immediate tax relief to cash-strapped residents facing higher prices on everyday products such as gas, milk, and electricity.
  • The governors of Maine and Kentucky this week joined a sweeping number of states — including Illinois, California, Massachusetts, Florida, Alabama, Washington, and Missouri — who are considering offering quick but temporary relief to taxpayers crushed by a relentless surge in inflation in recent months.
  • The consumer price index — which measures what Americans pay for goods and services — reached another 40-year high last month, soaring to 7.5% due to strong consumer demand and pandemic-related supply disruptions.
  • State lawmakers’ tax relief wish list runs the gamut from food store purchases to property tax to relief at the pump to household cleaning supplies, and even, retail and vehicle sales.
  • There are 13 states that tax groceries — and now, Oklahoma, Kansas, Mississippi, and Virginia are among several considering phasing out the levy applied on food purchases entirely or at least temporarily.
  • Republican Florida Gov. Ron DeSantis also wants to provide $1 billion in relief to suspend the state’s gas tax for millions of Floridians for five months, helping the average family to save $200

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