Economic Stimulus Payment
The country’s current economic situation has put many Americans in a financial bind and on a spending halt. In an effort to prevent a serious recession from occurring, our government has decided to send a relief payment out to millions of households in hopes of boosting our economy. The different working classes in America are supposed to benefit from the new economic stimulus payment as well as improve the countries current financial situation.
The new relief payment will pay a certain amount to each individual or couple with additional amounts allotted for each qualified dependent. The website for The Internal Revenue Service (2008) provides information that anyone who made at least $3000 in earned income and less than $150,000 would be eligible to receive the rebate. However, a 2007 return must be filed by October 15, 2008 and all recipients must have a valid social security number. B D.(2008) says that Congress will award a maximum of $1200 per couple plus $300 per qualifying dependent. Dependents must also have a valid social security number in order for guardians to receive the extra set amount. Individuals will cap out at $600 a piece and $300 for no tax liability but still meeting the minimum earned income. Older people living solely off Social Security checks would not get the rebate (Davis, 2008). The amounts can fluctuate and are determined on income and taxes paid. “It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return” (Internal Revenue Service, 2008). Depending on how the taxpayers spend this check, our economy could receive a substantial economic boost. Obviously if everyone plays it safe and saves the money, the plan will surely fail.
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