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Perspective/Tax Rebates
As you have likely heard, the forecast for the
nation’s economic growth is not as positive as
it was in previous years. Most Americans are
just now beginning to feel the financial
pressures of an economic slowdown which,
unfortunately, has long been known to countless
southern New Jersey families.
Recently, President Bush signed into law a bill
that will provide a one-time rebate for more
than 130 million Americans and tax breaks to
small businesses. I supported this economic
stimulus package because it represents a first
step in helping South Jersey families get
through the financial challenges that exist and
lie ahead, but additional action needs to be
taken.
As outlined in the economic stimulus package, a
tax rebate of $600 per individual ($1,200 per
married couple filing together) will be sent to
those residents who make under $75,000 annually
($150,000 per married couple annually) and have
filed their 2007 tax returns. These one-time
checks will not be taxed in next year’s filings,
and parents with children will receive an
additional $300 per child under the plan
approved by Congress. Available only to
eligible, legal residents of the United States,
the Internal Revenue Service (IRS) will begin to
distribute the checks in May and continue
throughout the summer.
It is critically important for eligible South
Jersey residents to be aware that they will not
receive a rebate check if they do not file a
2007 tax return. This is especially important
for eligible seniors and veterans who receive
more than $3,000 in qualifying income through
Social Security checks and/or veterans’ benefits
such as disability compensation, pension or
survivors’ benefits.
Many eligible seniors and veterans are not
typically required to file a federal tax return,
but will have to file a 2007 statement in order
to receive a rebate of at least $300. Likewise,
low-income workers who have an earned income
above $3,000 but do not regularly file with the
IRS must also submit their 2007 tax returns in
order to receive their rebate checks, though
they will not be subject to an additional tax
bill.
It is also imperative that tax filers be
diligent in protecting their sensitive
information during this tax season.
Taxpayers should be aware of several scams
currently targeting consumers anticipating
standard refunds or the one-time tax rebates.
Email and telephone scams that use the IRS name
and claim to provide quicker returns are
actually seeking to steal the victim’s personal
and financial information to commit identity
theft.
Such attempts have already been reported across
the country, including right here in southern
New Jersey. If you or someone you know believes
that they have been targeted by one of these
scams, I strongly encourage you to contact the
IRS at their hotline, (800) 366-4484, or my Mays
Landing office at 625-5008 or toll-free at (800)
471-4450.
I believe these tax rebates should be viewed as
only the first step in helping hard-working
families and growing our nation’s economy. South
Jersey families need more than short-term fixes;
they need to be empowered to make their own
fiscal choices without the burden of unnecessary
taxes and, thus, allow you to keep the greatest
share of your hard-earned money.
While Trenton continues to ignore this reality
by expanding the tax burden on residents, I can
and will continue to fight against additional
federal taxes. It is for this reason that I
support making the 2001 and 2003 tax cuts
permanent and the elimination of the death
penalty.
Going forward, I will continue to advocate for
common-sense economic policies that promote and
protect the interests of South Jersey taxpayers.
Frank A. LoBiondo
Congressman, (R-2nd)
Washington, D.C.
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