May 05 2008 -
Many Mississippians began receiving payments from the federal government last week, money that is a result of bipartisan economic stimulus legislation signed into law earlier this year. The legislation was passed to inject extra money into the pockets of Americans in order to give our economy a boost.
With the first wave of one-time payments currently underway, taxpayers who have not yet received their rebate should expect to do so by no later than mid-July. By then, the federal government will have distributed $110 billion to 130 million taxpayers nationwide, with payments being made to a majority of Mississippi taxpayers.
MOST MISSISSIPPIANS TO BENEFIT
Under the stimulus plan, a single tax filer having an adjusted gross income in 2007 of under $75,000 will receive $600. For couples filing jointly with income under $150,000, the rebate will be $1,200. Parents will also receive an extra $300 for each child under 17, with no cap on the number of eligible children. Additionally, those who owed no taxes in 2007 but had a least $3,000 in income will receive rebates of $300 per person or $600 per couple.
Due to an amendment that I cosponsored while this legislation moved through the Senate, some 20 million retirees living off of Social Security and 250,000 disabled veterans will be assured to receive stimulus payments. Additionally, the amendment ensured illegal immigrants would not receive rebates.
PAYMENTS SCHEDULED THRU JULY
Stimulus payments will be issued according to the last two digits of the filer’s Social Security number. For those who filed jointly, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, depending on how people filed their 2007 tax returns.
Those who opted for direct deposit when filing their taxes will receive their refund by May 16. Paper checks for those who opted against direct deposit will begin being sent on May 9, with all checks mailed by July 11. For a better idea of when you’ll receive your payment, visit www.irs.gov to view the payment schedule.
A BIPARTISAN SUCCESS
These payments are coming at just the right time, and I hope they will provide a jumpstart to our economy while also offering needed financial relief to those feeling pinched at the gas pump and at the grocery store check-out lane.
The stimulus program was made possible because of bipartisan legislation that resulted from Republicans and Democrats putting their differences aside to do what was right for families across our country. This is the type of bipartisan agreement Americans expect from their government, and I am hopeful we can build upon this to continue implementing common-sense proposals that benefit our economy while lessening the financial burden on families.