The government’s got your stimulus check in the mail or electronic deposit en route. They’re hoping we can collectively take our inebriated economy by the boot straps and pull it back into action with such a large influx of cash. But this all depends on how we spend it.

With most citizens receiving $600 per single tax payer and $1200 per family, that’s a nice chunk of change to put towards…. something.

The Feds want you to go buy the stereo system you’ve been eying for the last six months. Or, maybe throw it down on a new bedroom set to spruce up the look of your home.  But don’t forget about all that credit card debt we already have. There’s also the rising gas cost or vacation time that’s coming in July.

In national surveys, most people indicate they’re planning to pay down their debt. But something tells me they may change their mind once that lump of cash is sitting in bank accounts.

What will you do with your check?

Popularity: 3% [?]

Come and get it.

The Official Economic Stimulus Tax Rebate Payment Schedule - (for Federal Tax Returns Received and Processed by April 15, 2008):

Popularity: 82% [?]

Yee haw!!! I’m gonna get me some economic stimulus!

Watch your mail boxes. Those $600 checks (for singles) are en route. Before you receive your checks, you’ll get a payment notice in the mail heralding it’s arrival.

It’ll say something like:

Knock knock.
Who’s there?
Stimulus.
Stimulus who?
Oh, just spend the damn money when it shows up.

The PDF version of the letter is here.

EDIT Sunday, 3/16/08 at 6:15 PM

The notices being mailed to tax payers advising them of a pending stimulus check has cost $42 million. That amount doesn’t include the next wave of letters that’ll be sent to those who still haven’t filed their taxes yet.

Dear sweet baby Jesus. Waste of time/waste of money anyone??

Here are the top questions asked:

1. When will I get my check?

The exact system and timetable has not been worked out, but it likely will be based on Social Security numbers and geography, not on the order tax returns were filled or alphabetically.

UPDATE: March 17th, 2008: IRS press release details payment time table here!

2. What are the requirements to get my check?

You must have filed a 2007 tax return and reported at least $3,000 but not more than $75,000 ($150,000 joint income). Plus if you have dependent children, expect to cash in an additional $300 each. (Toys-R-Us here we come!)

3. Why is the government doing this?

Because the economy is shit and our government has devised this quick fix to try and entice us into buying that sofa, Dior sweater, or make a decent payment on our credit cards. The theory being that by pumping this collective clump of money back into our economy, we will boost (or stimulate?) our economy that isn’t floundering (says Dubya).

The birth of this decision as reported on Patriot Missive is here which includes my (not so) veiled opinion on the matter.

Alright people, be sure to spend it all in one place!

Soure: Linda Stiff, acting IRS commissioner.
(Perhaps it’s just me but isn’t it amusing the IRS commissioner’s last name is “stiff”? Just sayin’.)

Popularity: 100% [?]

Tony Rezko, the political fundraiser who is currently standing trial on corruption charges that “accuse him of using his influence with Gov. Blagojevich to coerce kickbacks from firms seeking state pension business”, was/is a friend of Presidential hopeful Barack Obama.  But now that Rezko is on trial, there’s been a great deal of heat on Obama to be more open and forthcoming with  details of his relationship with Rezko. Pressure is mounting in regards to how much money his campaign over the years might have been given by Rezko and his associates (given that now most of that money is being viewed as dirty).

On Friday Obama sat down with the Chicago Sun-Times and revealed more details on the relationship, and what’s been on everyone’s mind- the money. 

“We believe we have identified all money that is traceable. … It’s hard for me to know precisely. I don’t have the capacity to go back and figure out who did he raise money from. There might be additional dollars,” Obama told the Chicago Sun-Times in an 80-minute interview that focused on his 17-year relationship with Rezko, who has become a lingering issue as Obama seeks the Democratic nomination for president.

This is the breakdown Obama provided for Rezko’s fund-raising:

•          About $160,000 for Obama’s 2004 U.S. Senate election. Obama has given that money to charity.

•          From $50,000 to $60,000 for Obama’s failed attempt to unseat U.S. Rep. Bobby Rush in 2000.

•          Between $10,000 and $15,000 for Obama’s first election, in 1996, to the Illinois Senate.

•          “Somewhat less than that” for Obama’s re-elections to the Illinois Senate in 1998 and 2002.

Obama’s estimate exceeded his campaign staff’s previous estimates of Rezko’s fund-raising during Obama’s 12 years in politics. In November 2006, Obama’s staff estimated Rezko raised $50,000 to $60,000 over the senator’s career. In the last year, Obama’s campaign fund has given charities more than $157,600 in donations it linked to Rezko, his family, friends and business associates.

Altogether they’re estimating $250,000 having been raised, and they’ve donated over half of that to charity. 

It’s also important to note that Obama has raised $138,231,595 as of February and so all of the money from Rezko is really just kind’ve a bad drop in the bucket.  But many wonder if this small SNAFU could be the one bad apple to spoil the bunch for the Obama campaign.  It’s also important to note that while Obama’s name has been mentioned in the trial “Prosecutors say Rezko ordered a business associate to use part of a kickback as a contribution to Obama’s U.S. Senate campaign.”  Obama himself is not accused of any wrong doing. 

The polls will show if this is viewed to be enough of an issue to derail his run for the White House.

Popularity: 4% [?]