New Yorkers continue to deal with inflation with no end in sight. In response, Assembly Republicans will be suspending state sales tax on a range of goods and services to help offset the costs.
According to data released last month by the Bureau of Labor Statistics, the prices Americans are paying for goods and services have increased dramatically during the past year. The overall Consumer Price Index – which measures the average costs of everyday products – climbed by a staggering 5.4 percent between September 2020 and September 2021. Based on these figures, the average consumer experiences a monthly increase in expenses of $287, while a family of four sees a monthly cost increase of $388.
The “Inflation Relief & Consumer Assistance Plan” being introduced by Assembly Republicans immediately suspends state sales tax charges on various items such as gasoline, personal care products, housekeeping supplies and food purchases.
“Everywhere you look, costs are going up and people are growing tired of it. Gas prices are the highest in seven years. The rate of inflation is reaching levels we haven’t seen in decades. Food, clothing, utilities, transportation – prices are rising on almost everything. How much more are New Yorkers supposed to take,” said Assembly Minority Leader Will Barclay. “We have a responsibility to act. This bill will give all New Yorkers a measure of financial relief during an extremely difficult time. Fortunately, revenue is coming into New York at a stronger rate than predicted. Let’s pass on some needed savings to people who have fought through a pandemic and are now dealing with a crushing cost-of-living crisis that’s being felt in every community.”
A recent report by Comptroller Tom DiNapoli showed that New York tax revenue has brought in $7.2 billion more than originally projected through the end of September. However, the economic news for consumers is far less positive, as cost increases have severely damaged household budgets. Some of the specific cost increases seen in the past year that would be alleviated by the “Inflation Relief & Consumer Assistance Plan” include:
- Gas prices
- Food away from home
- Energy prices
- Housekeeping supplies
- Paper products
“It’s critical we take action to help our middle-class families feel real relief,” said Assemblyman Ed Ra. “This bill is a great first step to provide help with essential expenses for New Yorkers. I’m proud to be advocating for this desperately needed relief with the Assembly Republican Conference.”