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Issue 2, March/April 2008 FROM THE OFFICE OF CONGRESSMAN JOE SESTAK ECONOMIC STIMULUS ACT OF 2008 I have received many inquiries about the Economic Stimulus Act of 2008 from senior citizens who are concerned about the rebate. I supported this law to get our economy moving this year. The timely, targeted, and temporary economic stimulus package passed by the Congress and signed by the President will put hundreds of dollars (up to $600 per individual and $1,200 per married couple) into the hands of more than 130 million Americans including seniors and disabled veterans - who are most likely to spend it immediately to reinvigorate the economy. The stimulus package also builds on the child tax credit by offering a one-time rebate of $300 per child; expands financing opportunities for Americans in danger of losing their homes in the mortgage crisis; promotes small business investment in plants and equipment; and will help create 500,000 new jobs by the end of the year in order to aid the economic downturn and to increase purchasing power for my constituents. Most callers want to know whether they must file an income tax return to receive the rebate. The answer is yes: even persons who do not usually file a return must file a 2007 return in order for the Internal Revenue Service to disburse a rebate. Qualifying income is the sum of your social security benefits, veterans benefits and earned income. The maximum a person can receive is $600 ($1200 for a couple filing jointly). Individual taxpayers could receive rebate checks of at least $300. Updated information can be found on the website of the IRS, http://www.irs.gov. |
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