Monday, February 04, 2008

Free Money

I got this from Gabby. I am not sure that this free money package cooked up by the do nothing Congress and our President is such a good thing.



February 4, 2008

Dear Mr. Bretney,


Last week the House passed the Recovery Rebates and Economic Stimulus for the American People Act of 2008 (H.R. 5140) with strong bipartisan support in a vote of 385 to 35.



This legislation provides broad-based tax relief for individual taxpayers and fulfills the three goals for effective economic stimulus-it is timely, targeted and temporary.



This tax relief is targeted at middle and low-income taxpayers including 2.3 million individuals and families in Arizona .



This legislation is being revised by the Senate to add benefits targeted at senior citizens who have no earned income. Under the House-passed bill, seniors with $3,000 in earned income or even $1 in tax liability would be eligible for the tax rebates as outlined below. The Senate's revision would count social security or pension income as "earned income" for the purpose of the rebate. The Senate is also working to address concerns about rebates going to illegal immigrants. They are planning to add a provision that would deny the basic credit and the qualifying child credit to anyone with who does not have a valid social security number.



Below are examples of the tax rebate under H.R. 5140, the House-passed plan. Please note that these rebates have not been signed into law and the amounts may change by the time President Bush signs the final economic stimulus package.



oA married couple with two children and earned income above $3,000 would receive a rebate of $1,200-that's $600 as a couple and $300 per child.

oA married couple with two children and earned income above $36,000 would receive the maximum rebate of $1,800-the higher income results in a higher rebate.

oA married couple with no children and earned income above $3,000 would receive $600.

oA married couple with no children and earned income above $28,500 would receive the maximum rebate of $1,200 for married couples.

oA single individual with no children and earned income above $3,000 would receive $300.

oA single individual with no children and earned income above $14,500 would receive the maximum rebate of $600 of individuals.



I support providing Americans-young and old-the relief they and our economy need and will continue to monitor this legislation as it moves through Congress.



To receive a rebate, you must file a 2007 tax return with the IRS by the April 15, 2008 deadline. I encourage you file your taxes early to get your refund and tax rebate checks as soon as possible. If you have earned income during 2007, you should file a tax return regardless of whether you think you may owe taxes or not.



You can also get free tax assistance. If your adjusted gross income was $54,000 or less in 2007, you can use the IRS's Free File service to prepare and e-file your taxes online-click here for more information on the IRS website: http://www.irs.gov/efile/article/0,,id=118986,00.html. You can also get free tax assistance through the Volunteer Income Tax Assistance program at locations through Southern Arizona . For more information, please visit the " Tax Resource Center " on my website: www.giffords.house.gov. If you have questions, please call my Tucson 520-881-3588 or Sierra Vista 520-459-3115 offices and if you would like to continue to receive updates on this issue, please visit my website to sign up for my eNewsletters.





Sincerely Yours,



Gabrielle Giffords
Member of Congress


Washington DC
Office

502 Cannon House Office
Building
Washington, DC 20515
Phone:(202) 225-2542
Fax: (202) 225-0378

Tucson
Congressional Office

1661 North Swan
Suite 112
Tucson, AZ 85712
Phone:(520) 881-3588

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