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With the first distribution date of the 2008 Economic Stimulus Package Tax Rebate Checks approaching quickly, people are getting excited when they check their mail. I personally am expecting up to $1200 to magically appear sometime late this year. While I’m glad to see some extra cash come my way, I’m a bit skeptical about whether this will really help the economy. I wanted to know what other people thought about this, since my own feelings are mixed, so I asked around:
Anna is a 26 year old waitress and a mother of two. Her annual income is less than $30,000 a year even after tips.
“I don’t really understand why they are sending out these checks but I think it’s great. I don’t really make a lot of money here so every little bit helps.” When asked what she plans to do with her tax rebate check, Anna responds “I’m not really sure yet. I think it will get here during summer vacation and it would be nice to take my kids somewhere fun for a change. It’s money I wasn’t counting on so I want to enjoy it a little.”
Andy is a 49 year old independent contractor. He has no children and currently makes about $60,000 a year.
“I think this check is just a trick to make fools comfortable spending more money than they really have. The kids who aren’t smart with money to begin with will go out before the check even comes in the mail and spend it ahead of time. Then when the check comes in they’ll spend that on useless things too. They feel good about it because it looks like free money, but it’s not. That money had to come from somewhere, whether it’s from the taxes we pay or a loan from the national deficit. And because he waited until election year to do it, I also think it’s a trick and a buyout by the republicans to win more votes.”
Wondering if you qualify for the 2008 tax rebate check? This chart was provided by moneybluebook.com and details who qualifies, and for how much:
| Single Individuals (AGI) |
Qualify For A Rebate Check? |
| Less Than $3,000 | No |
| ($3,000 - $75,000), but DID NOT pay taxes | Yes - $300, plus extra for each child |
| ($3,000 - $75,000), but DID pay taxes | Yes - $600, plus extra for each child |
| (Over $75,000 - $87,000) | Yes - But for income that exceeds $75,000, your rebate will be reduced by 5% (in $1,000 increments), plus extra for each child |
| Over $87,000 income | Maybe - You have been phased out, but can still get rebates for your child |
| For Each Child You Have | Additional - $300 per child |
| Married Couples (AGI) |
Qualify For A Rebate Check? |
| Less Than $3,000 | No |
| (3,000 - $150,000), but DID NOT pay taxes | Yes - $600, plus extra for each child |
| ($3,000 - $150,000), but DID pay taxes | Yes - $1,200, plus extra for each child |
| (Over $150,000 - $174,000) | Yes - But for income that exceeds $150,000, the rebate is reduced by 5% (in $1,000 increments), plus extra for each child |
| Over $174,000 income | Maybe - As a couple, you’ve both been phased out, but can still get rebates for your child |
| For Each Child You Have | Additional - $300 per child |
The tax rebate checks will be distributed over the course of this summer. Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008:
|
Direct Deposit Payments |
|
| If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be transmitted to your bank account by: |
| 00 – 20 | May 2 |
| 21 – 75 | May 9 |
| 76 – 99 | May 16 |
|
Paper Check |
|
| If the last two digits of your Social Security number are: | Your check should be in the mail by: |
| 00 – 09 | May 16 |
| 10 – 18 | May 23 |
| 19 – 25 | May 30 |
| 26 – 38 | June 6 |
| 39 – 51 | June 13 |
| 52 – 63 | June 20 |
| 64 – 75 | June 27 |
| 76 – 87 | July 4 |
| 88 – 99 | July 11 |
For more information regarding the 2008 Economic Stimulus package or the Tax Rebate checks, please visit the official website of the IRS.