I received this nice letter from the IRS called “Understanding Your Economic Stimulus Payment”. I got out a calculator to arrive at my own understanding and, from what I can tell, my stimulus award was taxed at a rate of 92.17%, which is the percentage of the $1,800 total that was taken back because we make supposedly earned too much in 2007. That leaves us with a whopping $140.90 which which to stimulate the economy.
That’s fine, I don’t really care about the money, but what irks me is that politicians run around spouting the gross figures, as if it has been rebated to everyone. But those of us who worked too hard and contributed too much toward our nation’s tax base were not the only ones who got left out.
I did a bit of searching and came across a blog article from a self described “Crazy Old Lady” who, along with her dog and cat, is getting by in life on $573 per month SSI income. She didn’t get a stimulus rebate either.
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