one of my first articles I was assigned to write for my cities paper
Economic stimulus payments begin today by William Mallow Friday • May 02, 2008
In an effort to stimulate the economy, which many experts are stating is in a recession, the government has offered "stimulus rebate checks" for every person who filed their individual income tax return for this past year. These payments, assuming the person filed their return by the deadline, will be sent out starting today.
Stimulus payments will be sent out according to the last two digits of the Social Security number used on the tax return. Since the Internal Revenue Service uses Social Security numbers to determine when to send out an individual's check, people will be receiving theirs at different times. Location has no bearing on when to expect it.
People who chose direct deposit for their federal tax incomes can expect to receive their stimulus/rebate payments between May 2 and May 16. However, people who did not choose direct deposit, and, provided that their returns were received and processed by April 15, will be getting their paper checks in the mail.
That process starts May 16, with the initial mailings being completed by July 11. To find out where your social security number is in reference to date of payment receipt you can visit the IRS Web site at
www.irs.gov.
Payments to individual households can vary. The payment is equal to the taxpayer's net income tax liability. The minimum payment for an individual is $300, if single. If filing a joint return, the minimum is then $600. The maximum value a person can receive is $600 individual, and $1,200 joint. Each child under 17 in the family is eligible for another $300; however the limit is two per household.
The IRS is a warning all citizens to avoid going through a third party at all costs in regards to payments. The government will never contact a person through e-mail or the phone requesting a response. Any communication will be written through the mail
The government is hoping to get money back into circulation in people's bank accounts and wallets in order to entice the purchases of more good's to get the economy rolling and out of the lull it is currently undergoing. This idea just may be working.
When asked what she planned to do with the expected money, Wal-Mart employee Laurie Crockett said: "This is great for me and my family. We're moving to a different house here in town so this is going to be a great boost for us. It couldn't come at a better time."
Crockett said she expected the payments would serve their purpose of stimulating the economy, "Hey, if it's helping me, it has to help the economy right?"
Kathy Kearns agreed. She has a family of four, including two children in the home, and she believes the government's plan seems to be on the right track. "We are remodeling our house, so we definitely are going to be using that money pretty quickly." The government can only hope that the reaction of the nation as a whole will be similar.
