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As the cliché goes, there are only two certainties in life: death and taxes. But, they're intertwined. When you go to the great beyond, the government generally wants its cut, which is just under half the size of your estate, provided it reaches a certain size. Yep: The government can be your biggest heir, whether you like it or not.
Every few years, the estate tax, also known as the death tax, flares up as an issue. On the one side, politicians say people with large estates should redistribute some of that wealth to the common good by giving it back to government coffers. Critics, though, charge that the government has no right to money accumulated--and, more importantly, taxed already--throughout a person's life.
It can make for some strange political bedfellows. Billionaires like Warren Buffett and Bill Gates are actually in favor of higher estate tax rates, even though they have the most to lose from it. On the other hand, several minority groups have pushed for a reduction in estate-tax rates, since it makes passing on neighborhood small businesses to their families financially prohibitive.
Home / Personal Finance / Financial Planning / Tax
Monday, March 17, 2008
IRS to Start Sending Out Stimulus Payments May 2
Donna Fuscaldo
FOXBusiness
The check will soon be in the mail.
The IRS announced Monday that starting May 2, it will begin mailing more
than 130 million economic stimulus checks. The IRS expects the first round of payments to be completed in early July.
With
fears of a recession reverberating through the markets, the government approved a $168 billion stimulus plan that gives single
filers up to $600 and married couples filing jointly up to $1,200. In addition, parents will get $300 for each child. Single
filers making more than $75,000 and married coupled making more than $150,000 will see their rebates reduced. The plan is
designed to boost the economy by getting consumers spending again.
According to the IRS, to help tax payers figure
out how much they are entitled to, a new online calculator is available at www.irs.gov. Payments will be made via direct deposit
for those that choose to receive their 2007 income tax refund through direct deposit. Everyone else will get their payment
in the form of a paper check.
“To receive an economic stimulus payment, people just need to file their tax returns
as they usually do," said Linda E. Stiff, IRS acting commissioner, in a press release. “The payment will be automatic for
the vast majority of taxpayers. Some lower-income workers and recipients of certain Social Security and veterans benefits
who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment.”
The IRS plans
to send out the payments in order of the last two digits of the Social Security number used on the tax return, which means
taxpayers could receive their checks at different times than family members and neighbors. The IRS is aiming to make about
34 million payments or more than 25% in the first three weeks of the payment schedule. For people who use direct deposit,
their stimulus payments should come in between May 2 and May 16 if their tax returns were received and processed by April
15.
| Direct Deposit Payments | |
| If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be sent to your bank account by: |
| 00 – 20 | May 2 |
| 21 – 75 | May 9 |
| 76 – 99 | May 16 |
| Paper Check | |
| If the last two digits of your Social Security number are: | Your check should be in the mail by: |
| 00 – 09 | May 16 |
| 10 – 18 | May 23 |
| 19 – 25 | May 30 |
| 26 – 38 | June 6 |
| 39 – 51 | June 13 |
| 52 – 63 | June 20 |
| 64 – 75 | June 27 |
| 76 – 87 | July 4 |
| 88 – 99 | July 11 |
Source: IRS
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