May
5
Will There be a Second Stimulus Package or Payment?
May 5, 2008 |
I’ve received several questions about the possibility of a second economic stimulus package. Many people want to know if it’s true or just a rumor. Here’s what we know right now.
The “First” Economic Stimulus Package
The Economic Stimulus Package was passed by Congress in early 2008. Among other things, it mandates direct cash payments to US citizens who’ve met a certain level of income and have paid taxes for the 2007 tax year.
In May of 2008 the IRS begin depositing these payments into the banks accounts of eligible tax payers via direct deposit. Some people will get there payment via check. You can estimate when you will receive your payment using the official IRS payment schedule.
The “Second” Economic Stimulus Package
So what’s the story with the “second” stimulus package? It appears that Democrats in Congress are pushing for a second economic stimulus package.
According to reports, this second stimulus package would focus on food stamps, unemployment benefits, and government construction projects (a bridge to nowhere ring any bells?) and other wasteful government projects to “spur” the economy. However, there is no indication that there will a second direct payment or check to taxpayers.
I know the direct payment is what concerns most people. So again, I have not found any evidence to indicate that anyone is pushing for another direct payment to consumers. The focus would be on pouring money into existing government programs.
A Second Chance
You do however, have a second chance to qualify for the stimulus payment. If for any reason, you didn’t qualify for the full payment this year, you will be able to try again next year. You can claim a tax credit on your 2008 tax return, if you did not qualify for the full stimulus payment this year, and you qualify next year.
I know many readers didn’t get the full amount. If you’re in this situation make sure you check next year to see if you qualify.
Categories Government Taxes
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Comments
4 Comments so far
I seen Bush say on ‘Fox’ news that he might send out a second one if this one doesn’t produce the boost to the economy they expected. So far, there is no indication on the impact the stimulus package made to the economy.If anyone reads anything new,let me know- thanx (SB)
I heard a brief coment on the tv news. nancy poloski said the 2′d stimulus would be to busineses.
I believe she said “to stimulate the business economy to hire more workers, which in turn has people working and making money so they can spend money” something like that.
Sounds good but I’d rather get another 600! I’m an unemployed, laid off, working day labor selfish person.
what is the full amount of the payments for this package i made around 50,000 last year but with all the deductions i had with my news paper route i only ended up with around 6,000 of income so what would be my payment with 2 kids under 17
Missi,
I would recommend the IRS stimulus payment calculator: http://www.irs.gov/app/espc/
That should answer your questions.