State of the State Address: $500 Coming Back To Each Taxpayer
No politics here. But Gov. Janet Mills in her second State of the State address last night gave some information that affects most all of us.
It could be you have another check coming from the state to you.
The state’s budget has a surplus and Mainers could benefit from that.
Here’s what she said:
“I cannot control the impact of COVID-19 on global markets, but I can make sure that we deliver to Maine people the resources they need to grapple with these rising costs as we rebuild a stronger sustainable economy that is more resilient to the whims of the rest of the world,” said Governor Mills. “I propose that we send half of this projected surplus – $411 million – back to the people of Maine with a direct check. These givebacks will amount to about $500 per person and will be distributed to an estimated 800,000 taxpayers in Maine to help them offset added costs.”
So, we're talking about a $411 million surplus. If the governor's proposed supplemental budget is approved, half comes back to us -- meaning a $500 payment per taxpayer.
This after the Maine Rainy Day Fund is up to nearly $500 million. That's a record-high amount that has increased by a sizeable number.
Look around the country, and it seems we as a state are doing pretty good. Not everyone, but as a whole. And surplus sure sounds better than deficit.
Nationally there is a rise in inflation. Us Mainers at least get some money coming back to hopefully help offset rising prices. Oh, what to spend the money on.
Before we figure all that out, let's daydream a little bit.