Inflation

A proposal to raise the minimum wage in New York state and tie future increases to inflation has gained the favor of Governor Kathy Hochul, who included the idea Tuesday in her annual State of the State address.

The Town of East Hampton will issue a one-time payment of up to $2,500 to employees aimed to help reduce economic stress caused by inflation and retain employment.

Health insurance rates for over a million New Yorkers are going up nearly 10% next year.

Senate Majority Leader Chuck Schumer (D-NY) said the Inflation Reduction Act passed by the Senate this weekend will “change the world” through climate initiatives, lowering prescription drug costs and increasing corporate taxes.

For a second time this year, New York State Comptroller Thomas DiNapoli said property taxes will be capped at 2% this year, the highest local governments can raise taxes under state law.

Connecticut Governor Ned Lamont announced that parents can apply for a one-time child tax rebate from the state by June 1 through the state Revenue Services Department website.

The increase in gas and food prices have been weighing on the minds of New Yorkers.