Publication: Fargo Forum
Author: Senator Norm Coleman
February 19th, 2008 - When Minnesota families gather around the dinner table each night, I know they are worried about the health and direction of our economy. While economists may disagree as to whether we are technically in a recession, the fact is folks in the state are certainly feeling the effects of tougher economic times. As a father of two, I understand firsthand the rising toll that high gas prices, rising tuition, soaring mortgage payments and falling home values are taking on Minnesota families.
In my travels around the state in recent weeks, folks from all walks of life have shared with me their specific concerns about the economy. At a recent listening session I held in Rochester, the message I heard is that consumer confidence is hurting and anything Washington can do would be helpful. And while there is no silver bullet to address the many challenges we face, I agree there are some immediate steps we can take to help ease the economic pain and anxiety many Minnesotans are feeling.
To that end, I, along with 80 of my colleagues in the Senate, voted in favor of an economic stimulus package that will provide tax rebates of up to $600 for individuals, including seniors and disabled veterans, along with targeted and temporary pro-growth business tax incentives that will encourage job growth and investment. The bill also includes an increase in federal mortgage loan limits to help ease the housing crunch and ensures that illegal immigrants do not receive rebates. I am proud to report the president quickly signed this bipartisan bill into law.
So much of our economy is affected by consumer confidence, and this legislation will help restore confidence in the economy, encourage growth and provide much-needed relief to working families feeling the pinch of a slowing economy.
At the same time, I understand there are some questions about the rebates, and I’d like to address a few of the common ones I’ve heard.
First, the eligibility and amount of the tax rebates you will receive will be determined by your 2007 tax return. Individuals making up to $75,000 and married couples making up to $150,000 will be eligible for rebates of up to $600 and $1,200, respectively, with a $300 per child rebate available as well. The IRS has indicated that they expect the first checks to be mailed starting in May.
One important note for retired seniors and veterans is that you will need to file a 2007 tax return in order to receive your rebate check – even if you would not ordinarily file a tax return. I encourage anyone with further questions on the rebates to contact my office at (800) 642-6041.
While the stimulus is intended to help in the short term, we cannot stop there.
We must also recognize that securing Minnesotans’ economic well-being goes beyond housing or the rise and fall of the stock market. It is about quality-of-life challenges, from high health-care costs to higher gas prices to rising tuition. It is also making sure that we prevent major tax increases from hitting Minnesota families and small businesses – which would take a serious toll on our economy, and will happen in three years if we do nothing.
The strength of our economy directly impacts every Minnesota family, which is why I have worked hard in each of these areas throughout my time in office. We have taken some important initial steps to help stem the tide of the slowing economy, but more work remains. Rest assured I will continue working with colleagues from both sides of the aisle to address the concerns I share with Minnesota’s hardworking families.
Coleman, R-Minn., was elected to the U.S. Senate in 2002. His committee assignments include agriculture, aging, foreign relations and homeland security.
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