It's going to happen....the only question is what consumers will get out of the next Stimulus this New Year. And it now appears taxpayers will
not receive another round of
Rebate Checks.
With the latest layoff figures showing massive job losses, including more than 2 million jobs lost in 2008, Democrats in Congress and President Elect Obama want a major stimulus to put the economy on its feet.
It would include money for new jobs, highway and bridge repairs, loans to homeowners, and tax cuts for consumers.
President Elect Obama is proposing the following for 2009:
• $500 Tax Cut for Singles
• $1,000 Tax Cut for CouplesOver the year, this translates to an addition $44 each month, per person, or about
$22 in the average paycheck.
It now does not appear taxpayers will receive another round of checks in the mail, however. Critics say the first round of stimulus checks in 2008 did nothing to help the economy, simply giving consumers a quick "sugar rush." They say it helped China more than the US, as many shoppers spent the money on electronics made in China.
However, supporters of a new round of checks say the only way to get consumers to open their wallets again in 2009 may be with cash in their pockets. It’s hard to even notice a minor tax cut in your paycheck.
We will know more as January 20th approaches. Congressional leaders want to have a plan ready by mid January.
For questions about the 2008 Stimulus/Rebate program, such as why you never received a $600 Rebate Check, or why your check was smaller than it should have been, you need to contact the IRS. Click the IRS links above.
