Last week, Congressman Joe Donnelly introduced a bill to provide rebate checks to Social Security beneficiaries with annual earned incomes under $3,000. Under the economic stimulus package that passed in the House last week, about 18 million seniors who receive Social Security would not receive rebate checks.
"These are retired seniors who have worked hard, paid Social Security taxes, and are now struggling to make ends meet in a slowing economy," said Donnelly. "If our goal is to stimulate the economy by providing tax relief to families that need the help, it makes sense that we would put money back in the pockets of America's seniors."
The Immediate Financial Assistance for America's Seniors Act of 2008 would provide a tax benefit of $300 to Social Security beneficiaries and $600 to beneficiaries who file jointly, but do not have an earned income that exceeds $3,000.
"As Congress continues its efforts to stimulate the economy and provide important relief to middle-class America, it is important that we also assist America's seniors, many of whom live on fixed incomes," said Donnelly. "This bill will give our seniors the economic boost they deserve."
Donnelly's bill currently has 12 co-sponsors, and was referred to the House Committee on Ways and Means.