Tax Rebate Checks Coming Early
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Old 04-25-2008, 06:45 AM   #1
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Default Tax Rebate Checks Coming Early





Tax Rebate Checks Coming Early
The Economic Stimulus Checks of Up To $1,200 Will Start Arriving Next Week
April 24, 2008—


WASHINGTON (Reuters) - The U.S. Treasury will start sending tax rebate checks to Americans next week, ahead of its previous schedule, and aims to pump $50 billion into the U.S. economy by the end of May, Treasury Secretary Henry Paulson said Thursday.

"We will start a bit earlier. We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Paulson told Reuters in an interview.

What Do You Plan to Do With Your Check? Tell ABC News

Previously, the Treasury had planned to begin tax rebate payments in early May as part of a $152 billion stimulus plan passed in February. The checks had to wait until after the Internal Revenue Service processed the bulk of tax returns filed before April 15.

But Paulson noted the economy is facing stiff headwinds from high fuel prices and a protracted housing downturn, so the administration wants to rush funds to consumers to keep the economy from deteriorating further.

He said the distribution of rebate payments totaling more than $100 billion will be largely completed by the end of June, well before his previous goal of summer's end.

More than 800,000 electronic payments will be sent to tax filers per day on Monday, Tuesday and Wednesday of next week, with an additional 5 million sent on Friday, May 2.

"Close to 8 million people will get their stimulus payments next week," he said.

"You add that to the incentives for business to make investments, we think that will give the economy a boost, upwards of 500,000 jobs," Paulson added.

He said the economy had slowed down significantly, noting that "last quarter was a tough quarter," with continued downside risks from housing and from financial market turmoil.


Copyright © 2008 ABC News Internet Ventures


http://abcnews.go.com/Business/Economy/story?id=4718901&page=1
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Old 04-25-2008, 07:50 AM   #2
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100 billion dollars. A hunderd BILLION? That is incredible. This is the most irresponsible thing I have seen the gov't do in a while - in the last few weeks anyway.
Just hide and watch, it won't do squat for the economy in the mid to long term. While it does increase the cash available in the economy and will help out tremendously at the immediate individual level in some cases, as they say down south "the egg won't be worth the tear in the chicken's a--".

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Old 04-25-2008, 09:52 AM   #3
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When you get your check, don't forget to write a thank-you letter to the Chinese government. They're the ones loaning our government that money.

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Old 04-25-2008, 11:48 AM   #4
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Looking to get a Revolver with mine.

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Old 04-25-2008, 01:27 PM   #5
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Isn't there a cap on what you can make per year in order to receive a check? I seem to remember that if you make over $50K/year that you are above the cut off.

*shrug*

Guess I'll have to wait and see if something shows up in the mail. I am certainly not counting on it though...

D

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Old 04-25-2008, 02:14 PM   #6
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Quote:
Originally Posted by Dillinger View Post
Isn't there a cap on what you can make per year in order to receive a check? I seem to remember that if you make over $50K/year that you are above the cut off.

*shrug*

Guess I'll have to wait and see if something shows up in the mail. I am certainly not counting on it though...

D
cap is 75k for ind. and 150k for couple. unless they have changed it.
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Old 04-25-2008, 02:16 PM   #7
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Sweet. Looks like the household might be getting something after all.

Thanks.

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Old 04-25-2008, 03:36 PM   #8
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I posted "I plan on buying a new CAR-15 with mine." on their tell us what you plan to do with your check

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Old 04-25-2008, 04:19 PM   #9
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Add it to savings. Thus the guess that this will do little to "stimulate".

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Old 04-25-2008, 05:09 PM   #10
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Quote:
Originally Posted by fxstchewy View Post
cap is 75k for ind. and 150k for couple. unless they have changed it.
That is incorrect. There is, what the gov't is calling it, a phaseout reduction.

Check this link to get your exact payment amount. http://www.irs.gov/irs/article/0,,id=177937,00.html
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