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Sunday, May 04, 2008

Where do you spend your Economic Stimulus Check

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

If we spend that money at Wal-Mart, all the money will go to China. If we spend it on gasoline it will go to the Arabs. If we purchase a computer it will go to India. If we purchase fruits and vegetables it will go to Mexico, Honduras, and Guatemala. If we purchase a good car it will go to Japan. If we purchase useless stuff it will go to Taiwan and none of it will help the American economy.

We need to keep that money here in America. The only way to keep that money here at home is to spend it at yard sales, since those are the only businesses still in the United States!

( Emailed from  a friend.  Author unknown. )

For basic information from the IRS please visit: Economic Stimulus Payments Information Center

2 comments:

Austin Chu said...

Great post. Also be careful of the retailers who are offering 10% in gift cards. Wal-mart is offering that, so you're money is probably going to China. I work for a company that manages gift card, and we blogged about this issue a few days ago on savvywallet.com. One thing to consider: last year $100B was spent on gift cards and $8B was lost and unredeemed. One way to put the money back into America is saving it, putting it towards debt and funding our IRAs.

Bos'un said...

THank your for the informative comments, Austin. I am going to check out Savvywallet.com and read what was blogged there. Have a great day ;) Bosun