The Proposed Guaranteed Income Program
New York State Senator Jessica Ramos has presented legislation 4578 that would establish a guaranteed income program for families in need.
The rising costs of necessities, particularly childcare, make it difficult for families to support themselves, particularly during the COVID-19 pandemic, which saw a 41% rise in childcare costs. The total cost of raising a child through high school has also increased by $26,000 in the last five years. The Guaranteed Income Program aims to address these challenges and provide support to families in need.
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While the bill about Guaranteed Income Program has not yet passed and is not guaranteed to, it has multiple co-sponsors, including Republican state Senator Jacob Ashby. Should the bill become law, it would be a significant step towards providing financial security to families in need, particularly during times of economic uncertainty.
Who qualifies for the proposed Guaranteed Income Program?
To qualify for the monthly payments, several requirements must be met.
Applicants should meet the following standards:
- the income must be at least 200% of the federal poverty level
- file a tax return from the previous year
- provide a letter from an employer indicating work dates and annual pay
- provide a W-2 or 1099 form from the previous tax year
- or provide wage notice documenting employment within six months of application
According to a published article in the US Sun, over two-thirds of the participants will come from cities in New York with a population of at least 200,000, while the remaining 5,000 will come from rural areas in the state.
Through the guaranteed income program, families can have more stability and security to cover their necessities, reduce financial stress, and focus on their family’s well-being. It remains to be seen how the Guaranteed income program will be implemented and its impact on families, but it is a positive development toward providing financial support to those who need it the most.
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