2008 Woodie Awards
Free Money? I'll take some
Ashley Gilmer
Issue date: 4/4/08 Section: Forum
"Dear Taxpayer:
We are pleased to inform you that the United States Congress passed and President George W. Bush signed into law the Economic Stimulus Act of 2008, which provides for economic stimulus payments to be made to over 130 million American households. Under this new law, you may be entitled to a payment of up to $600 ($1,200 if filing a joint return), plus additional amounts for each qualifying child."
A few weeks ago, I, like millions of Americans received a notice from the government that opened with the above words. After reading the first paragraph, my interest was piqued. As I read further, I grew confident that a windfall was headed my way. All I needed to do was file my 2007 tax return, and the stimulus money would show up in my mailbox. I saw myself laughing all the way to the bank.
It wasn't until paragraph seven that my newfound wealth disappeared before my very eyes.
Working students do not qualify for a payment "if they can be claimed as a dependent of another taxpayer." Darn! That makes me and a lot of other Guilford students ineligible for the payment. The money we can't receive will go to eligible Americans as part of the government's effort to boost the sluggish economy.
The Economic Stimulus Act is designed to stimulate the economy by providing incentives for small businesses, encouraging job growth, and getting cash into the hands of consumers. Consumers are expected to reinvest the cash in the economy by spending it on products such as electronics, clothing and other items.
In the event you do qualify for a payment, don't let misconceptions stop you from enjoying it.
Some of the misconceptions that surround the act include: the stimulus payment will reduce 2008 tax refunds, and Americans will have to pay taxes on the money received. Neither is true. Payments received will in no way affect future tax refunds, nor are they taxable.
But is it too little, too late?
Some economists believe that the country has already entered a recession. According to them, the stimulus payments don't come soon enough, and since they are a one shot deal will not have much impact in turning things around. They add that these payments will increase the national debt.
We are pleased to inform you that the United States Congress passed and President George W. Bush signed into law the Economic Stimulus Act of 2008, which provides for economic stimulus payments to be made to over 130 million American households. Under this new law, you may be entitled to a payment of up to $600 ($1,200 if filing a joint return), plus additional amounts for each qualifying child."
A few weeks ago, I, like millions of Americans received a notice from the government that opened with the above words. After reading the first paragraph, my interest was piqued. As I read further, I grew confident that a windfall was headed my way. All I needed to do was file my 2007 tax return, and the stimulus money would show up in my mailbox. I saw myself laughing all the way to the bank.
It wasn't until paragraph seven that my newfound wealth disappeared before my very eyes.
Working students do not qualify for a payment "if they can be claimed as a dependent of another taxpayer." Darn! That makes me and a lot of other Guilford students ineligible for the payment. The money we can't receive will go to eligible Americans as part of the government's effort to boost the sluggish economy.
The Economic Stimulus Act is designed to stimulate the economy by providing incentives for small businesses, encouraging job growth, and getting cash into the hands of consumers. Consumers are expected to reinvest the cash in the economy by spending it on products such as electronics, clothing and other items.
In the event you do qualify for a payment, don't let misconceptions stop you from enjoying it.
Some of the misconceptions that surround the act include: the stimulus payment will reduce 2008 tax refunds, and Americans will have to pay taxes on the money received. Neither is true. Payments received will in no way affect future tax refunds, nor are they taxable.
But is it too little, too late?
Some economists believe that the country has already entered a recession. According to them, the stimulus payments don't come soon enough, and since they are a one shot deal will not have much impact in turning things around. They add that these payments will increase the national debt.
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Chamika
posted 4/15/08 @ 2:22 AM EST
I'm making good money with mining and skinning. For a stack of 20 copper bars i can make 1g easy. And copper veins are plentiful, so the money rolls in nicely. (Continued…)
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