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Tax Rebates and the Economic Stimulus
Recovery Rebate Checks are in the Mail!
Starting this week, you may be receiving a federal Recovery Rebate check, the result of the bi-partisan Economic Stimulus Package I worked on with House Speaker Pelosi, Republicans, and the President to boost the economy by putting money back into the pockets of American families, help create 500,000 new jobs, and offer assistance with the housing crisis. This was a good first step. But we need to do more.
I’m pushing for a second economic package to create jobs, speed additional assistance to families struggling to make ends meet, provide longer-term assistance for the housing market, and rebuild our country. Regrettably, President Bush is saying we’ve done enough. I don’t think workers and their families can afford to simply hope that the economy will improve. We must act now.
Will I be receiving a check?
If you filed your 2007 income tax return and owed taxes, you are probably eligible. If you don’t normally file a tax return but have earned income, social security income, Railroad Retirement benefits, or disabled veterans benefits of more than $3,000, you may still be eligible for a rebate. The credit phases out for those taxpayers with an adjusted gross income of $75,000 ($150,000 for a joint return) or more.
How much money will I receive?
Individuals will receive up to $600, plus $300 for each qualifying child.
Eligible married couples filing a joint return may receive up to $1200, plus $300 for each qualifying child.
What do I need to file to get a stimulus check?
In order to receive a tax rebate, most individuals and couples filing jointly must file a 2007 tax return. Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form -- use this easy online form, call 1-800-906-9887 or 1-800-358-8832 for assistance in finding free tax services in our communities, or call 1-888-227-7669 to find an AARP tax assistance site.
When will I receive my rebate?
Checks have already started to go out from the Treasury to more than 130 million households. They will be issued over a period of months, and if you filed after April 15, your payment will be delayed.
More information can be found at the following links:
o The Internal Revenue Service Update on the Economic Stimulus Package
o More on the Economic Stimulus Package
o Treasury Fact Sheet on How the Economic Stimulus Package Will Benefit Americans
Let's keep the dialogue going! Click here to leave a comment about the stimulus rebates.
economic stimulus
economy
tax rebate
Posted by PDP-Staff at 04:59PM | | Comments (7) | TrackBack (0)
I think we will see people use this money to pay down debt or put into savings, rather than spending it, which is clearly what the government is hoping will happen. People are not feeling secure enough in their jobs, never mind security about their retirement plans, to just spend money. Everyone I know who is not making $100,000 a year or more is paying down debt and upping their savings. I won't be getting a check for this, but I would definitely use it to pay down my credit card debt.
Posted by Patti McClellan | May 1, 2008 7:05 PM
Posted on May 1, 2008 19:05
Repeals Bush's tax cuts for incomes over $200,000.
Posted by Charles Arnold | May 1, 2008 7:12 PM
Posted on May 1, 2008 19:12
i think rebate is a loaded word. some people who didn't pay into the INCOME tax system are getting money back. what do you call that? sounds like welfare to me.
Posted by Edwin | May 1, 2008 7:24 PM
Posted on May 1, 2008 19:24
So, if we were not able to file our 2007 return (because due to unemployment info because of mortgage crisis not available) but did file an extension, once we file the return should we expect a check?
Posted by Bob Marshall | May 4, 2008 5:57 AM
Posted on May 4, 2008 05:57
The stimulus package again shows how congress doesn't appreciate the difficulty of putting children through school. The family with children 17 and over don't get a $300.00 check and the child working to help pay for school doesn't get one because they can be claimed on the parents taxes. What a great job by congress again. The rich retired AARP members sure aren't being excluded.
Posted by Steve Rumbaugh | May 16, 2008 7:36 PM
Posted on May 16, 2008 19:36
Why do the people that are in the upper tax bracket never get any kind of break? I pay almost 34% on my income every year and I don't ever get any "rebates" for giving the government 34% of the money that I earned...
Posted by Payday Loan | June 8, 2008 11:41 PM
Posted on June 8, 2008 23:41
The stimulus check was far too small to do any real good. Great, people can buy groceries or a few DVDs? How does that help the economy?
Why not give incentives for real estate investing and kill two birds with one stone? The housing market AND the economy?
Posted by Beginner Investing & Passive Income | July 31, 2008 8:04 PM
Posted on July 31, 2008 20:04