Hooray!!! At last, the long awaited Economic Stimulus checks are in the mail. These gems of liquidity are arriving to be squandered with reckless abandon to assist in jump-starting our sluggish economy. Citizens have been asked how they intend to use this manna from Washington. Many have chosen to pay bills or buy gas to get to work.
We've seen a letter arrive from the IRS entitled "Understanding Your Economic Stimulus Payment" (IRS Notice #1378- Dated May 19, 2008). The first paragraph contains the following sentence:
"You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return."
Thank God! I thought we might have to give 30% of it back.
We need some clarity here. If a tax rebate stimulates the economy, which it will, why not cut taxes across the board and make a long term difference instead of just a quick fix? I can't wait to hear how the debate goes on this issue, IF there's anyone in Washington who can figure it out. I am ever hopeful, and,