The government stimulus checks are in the works as we speak. Some may receive their extra cash as early as next Friday. Happy Cinco de Mayo to them! Read onward for answers to all your questions about these soon-to-be additional funds.Who Gets It? And How Much?
All single people earning less than $75,000 a year, will receive a check for $600, while couples earning a combined income of less than $150,000 will get a check for $1,200. For each child claimed as a dependent you will receive $600.
Pardon Me For Asking Too Many Questions, But Why?
Since the economy is disappointing the hell out of everyone, President Bush and Congress thought up this plan to increase consumer confidence with a little billion dollar influx. The US Treasury will dole out $110 billion to 130 million taxpayers. Why thank you, Mr. Treasury.
I Know What I'm GOING TO Do With It, But What SHOULD I Being Do With It?
That's a very conscientious question to ask, and I admire that. But seriously, as long as you don't roll it up and hide it in shoebox, you'll be doing the right thing with your stimulus check. Whether it's helping buy gas, pay off your mortgage, get an iPhone, or swim in a pool of candy corn, it will all add up to positive consumer spending and economic growth. At least that's what they're all hoping anyway.
How Will They Know How Much To Send?
Stimulus checks will be based on your 2007 filings. Which means there could be new additions, deductions, or higher income to be calculated for your stimulus check. Here's the cool part though: If they send you less than you should have gotten, they'll send you another check later with the additional amount, but if you get too much from Uncle Same, he won't come looking for the difference, you can keep the overpay. Sweet, right?
Last Question, When's Mine Coming?
If you filed your return by before April 15, then your check will be mailed out or direct deposited according to the follow Social Security# chart:
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3 comments:
One minor correction to this sentence:
"The US Treasury will dole out $110 billion to 130 million taxpayers."
No they will dole out the money to 130 million people some of whom pay taxes. Some will get a check even though they pay no taxes. Even some of those getting EIC will get a check. And lots of people who pay lots of taxes will get no redistribution check.
I agree with your point about making sure you do spend the cash. Surely it makes better long term sense to pay off a piece of any interest gathering credit you have, loans mortgages etc. That way if it does get worse you are left in an easier position.
If you don't think you will be hit badly by the crunch, then maybe you can justify an iPhone, but I wouldn't spend it on that unless I knew I was 100% secure.
Andrew
i agree with largebill...all these low down government rapers need to get a job and start stimulating the economy by working instead of us having to pay for them to sit back, sell drugs, or (their kids)and live off of me and you other hard working deserving Americans...if the government wants to stimulate,let them get all the wick taking,welfare getting, baby having, drug selling scum off of the checks..and give "We the real people of America" some of what we have to pay for the scum of the earth......thanks R.L.Strong tax paying,law abiding, LEGAL AMERICAN CITIZEN
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