Awhile back, we wrote heavily on the Economic Stimulus of Act of 2008. According to a statement issued by the Internal Revenue Service on July 21, 2008, the IRS is sending an estimated 5.2 million more letters to people who are still eligible to receive a check.
Currently, 112 million taxpayers have received their checks, totaling $91 billion. The IRS speculates that the 5.2 million taxpayers who haven’t received checks are veterans and retirees. The IRS wants to give them one last chance to receive their checks.
Anyone who is eligible for a check has until October 15th to file a personal tax return. After that date, they forfeit their right to a check.
The question is, if the money was to stimulate the economy, and only a percentage of the checks are being received, how much stimulation will we see from the Economic Stimulus Act if the monies aren’t entirely distributed? What is the IRS going to do with the billions of dollars in stimulus checks that aren’t received? Will they be donated to charities? businesses? families?
Thoughts?
3 comments ↓
George W should send out a Second Stimulus check cause the first one barely covered the ESSENTIALS””””
Totally agree with you. Half of mine went straight to my student loans. “Barely” is stretching it…..
[...] Americans have been left with homes in foreclosure and increased taxes to boot. So much for the IRS Stimulus huh? Seems like the only thing it boosted was our economic [...]
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