Economic Stimulus Plan - Articles - Zimbio

Stimulus Checks - Some Questions

Tue, 2 Jul 2008 12:22:00 GMT

posted by wdoromal
July 2, 2008

Many non-resident workers and residents, have been questioning the policies on federal stimulus checks distributed in the CNMI under the Economic Stimulus Act of 2008. (See this previous post and this previous post for more information and answers to questions on stimulus checks and links to the IRS website.) Finance Director Eloy Inos, was quoted in the Marianas Variety yesterday remarking on stimulus checks:

The U.S. Department of Treasury turned over $16.1 million to the CNMI Department of Finance under the $152 billion federal Economic Stimulus Package Act of 2008.

Of this figure, Inos said $6 million is still in the Bank of Guam and the U.S. Treasury will provide more funds if what was given to the CNMI is not enough.

Most of the CNMI recipients got $300.

According to Inos, $300 is the minimum federal stimulus rebate and since most taxpayers in the CNMI private sector are minimum wage earners who are paid lower than their counterparts in the U.S., most of them got the minimum rebate amount

“If their tax liability is lower than $300, then they get $300. The minimum rebate is $300,” said Inos.

In the U.S., individual taxpayers got $600 each, $1,200 for joint filers and an additional $300 per eligible child.

Inos said there is no truth to the rumor that those who got $300 in rebates will get the same amount anytime soon.

He said those who received additional $300 rebate checks either have amended their tax returns or have dependents.

“We have no intention of shortchanging anybody — we don’t discriminate. It’s about the tax system,” he said.

“In a way this is a good exercise for us. These problems have never come up before. We’re just following the requirements of the (U.S. Internal Revenue System) so that next time around, we can implement this easily and smoothly,” he added.

Inos also said there is no truth to the rumors that stimulus checks received from the CNMI have "bounced" for insufficient funds.

Nonresident workers have complained that they have had difficulty in collecting their checks as outlined in this letter that was published in the Saipan Tribune and sent to the US Department of Justice and IRS:

An appeal for help

To: U.S. Department of Justice, Internal Revenue Services

We are writing on behalf of the legal non-resident workers, who are taxpayers in the US Commonwealth of the Northern Marianas Islands (Saipan, Tinian, Rota) to appeal to your office to investigate and take action on the disbursement of tax stimulus.

We have filed our federal income taxes for the fiscal year 2007 and we have reached the $3,000 minimum income requirement. However, until this time many of us have not received our stimulus check from the CNMI Treasury. The Federal Government has allotted $16.1 million for distribution of all taxpayers in the CNMI.

We request an investigation and explanation of the CNMI Department of Finance requiring non-resident workers to supply documents before they can receive their stimulus checks. We would like these waived so our checks can be distributed. Nonresident workers have been going back and forth to the CNMI office and are told that they are required to submit old passports from when they arrived here on this island, old entry permits, and other unnecessary documents that other taxpayers are not required to submit to receive their checks. We would like to know what the CNMI Department of Finance would do with the money they are withholding from the taxpaying nonresident workers?

We appeal to your office for investigate discriminatory procedures in the designated agency to expedite the release of all tax stimulus checks to qualified taxpayers. The nonresident workers are experiencing an economic crisis due to the inflated food prices, cost of electricity and gas, and other day-to-day living expenses combined with a minimum wage set far below the poverty level-$3.05 local and $4.05 federal minimum wage. We cannot even buy food and other basic necessities. Please help us avail of this aid from the Federal government as soon as possible.

Human Dignity Movement
Saipan, CNMI

IRS Stimulus Checks

Wed, 19 Jun 2008 22:25:02 GMT

posted by housing-grants

What are Stimulus Payments?
It’s an economic stimulus payment that more than 130 million households will receive starting in May. It’s not taxable, and it won’t reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Am I Eligible?
The vast majority of people who file a 2007 income tax return qualify, and many who don’t regularly file a tax return may qualify as well. You’re eligible if you have a valid Social Security Number (SSN), can’t be claimed as a dependent on a tax return and have either an income tax liability or “qualifying income” of at least $3,000.

When will I get my check?
Starting May 2, payments will be electronically transmitted to direct deposit accounts. Paper checks will be mailed starting May 16. The payments are based on the last 2-digits of the mail filer’s Social Security number. The IRS has issued a schedule for payments as direct deposits or paper checks which would last until July.

For more details and assistance, fill in the box above to have it e-mailed to you.

Economic Stimulus Check On The Way!

Mon, 24 Jun 2008 10:30:00 GMT

posted by wannabefree30

If you are new here, please take a moment to subscribe to SingleGuyMoney.

It's finally official. I've been waiting patiently for what seemed like an eternity (it was actually just a few weeks). Yesterday, I received notification in the mail from the I.R.S. that I should be receiving my economic stimulus payout of $600 by June 27, 2008. That's right, in a couple of days, my account should be $600 healthier.

Unfortunately, I don't plan to use it how the government intended. I would love to help stimulate the economy but stimulating my savings accounts feels so much better. I will split the money equally between my Flexible Savings Account and my Emergency Fund.

With the coming stimulus check and an extra paycheck in July, my Emergency Fund should be fully funded ($20k) by the end of next month.

I Know Where My Economic Stimulus Check Is Going

Sun, 5 May 2008 10:15:00 GMT

posted by wannabefree30

I originally didn't have any plans for my economic stimulus check. I was just going to send it to my flexible savings account until I decided what to do with it. Unfortunately, now I know where it will be going and it will not be anywhere fun and it won't be stimulating the economy.

I received the escrow analysis for my rental property this weekend. I knew I was going to be short but I didn't realize I was that short. My escrow balance is currently short $1234.84. They gave me the option of paying the shortage up front and my payment will only increase around $70 or I can pay the shortage over 12 months by adding an additional $102.90 to my mortgage payment.

I don't want my monthly payment to increase by almost $150 so I will probably just pay the shortage in full. After emptying out my rental property account for repairs to my rental property back in February, I'd started to slowly rebuild the account. Thanks to referral bonuses from ING and Revolution Money Exchange, I'd built the balance back up to about $600.

The balance in my rental property savings will now be headed back down to zero and I'll need to start all over again. It really sucks that I'll have to use my stimulus money this way but it's still better than having to take on additional debt. I'd much rather borrow from myself and pay myself interest instead of paying bank.

If you haven't opened an account with Revolution Money Exchange, you should really consider it. RME is a money transfer service similar to Paypal but without all the fees. It takes less than 5 minutes to open the account and the $25 bonus is credited immediately. The $25 promotion ends May 15, 2008. Please consider using the link below to sign up. You will get a $25 bonus and I will get a $10 bonus for referring you.

Don't forget about Mom. Mother's Day is Sunday May 11th.

Image Credit: dslrninja

Get Free Groceries in July!

Tue, 9 Jul 2008 18:47:40 GMT

posted by coolsavings
By Stephanie Nelson, The Coupon Mom

As a result of the recent tax stimulus checks, many major grocery chains are offering attractive promotions that give shoppers free groceries when they use their tax stimulus check at the grocery store. Some stores are providing bonus gift cards (an extra 10% free bonus) and others are offering 10% discount coupons off one total order. When you combine these offers with sales and coupon bargains found at couponmom.com, you can score major savings this month! Here’s how they work: • Kroger and Kroger-owned chains: Customers can purchase Kroger gift cards to get a 10% bonus on the card’s face value. Cards are sold in increments of $300 (to receive a gift card worth $330), $600 (for $660 value) or a maximum of $1200 that would earn a gift card worth $1320. They are available throughout Kroger stores nationwide – including Kroger, Baker’s, City Market, Dillons, Fred Meyer, Fry’s, Gerbes, Hilander, Jay C, King Soopers, Owen’s, Pay Less, Ralphs, Smith’s and QFC stores. Gift cards can be purchased until July 31st with cash, a personal check or credit card as well as using the tax stimulus check, and the cards can be used indefinitely. • Supervalu, the parent company of major chains such as Albertson’s, Shaws/Star Market, Jewel, Cub Foods, Acme and other regional chains is offering an identical promotion. Customers can purchase gift cards in increments of $300 and receive a 10% bonus on the gift card’s value. Like Kroger, Supervalu’s offer expires on July 31st. Other regional chains such Shoprite stores in the Northeast are offering similar promotions. Shoprite’s offer expires August 2nd. Other stores are responding to the tax stimulus checks by giving customers a 10% off coupon to use in their stores that day. Safeway and Safeway-owned stores such as Vons, Pavilions, Dominick’s, Randalls and others are offering this promotion through July 18th. Harris Teeter stores are offering the same 10% discount coupon promotion through July 18th. Publix stores in the Southeast provided in-ad coupons for $5 off a $35 order available to all shoppers. Regional grocery store chains continue to offer promotions to attract tax stimulus check spending in their stores, so be sure to check with your stores to see if they offer similar programs. Be sure to use your gift cards along with sales, coupons, and other promotions to stretch your dollars even further.