Tax Rebate Checks Coming Early

Discussion in 'The Club House' started by sculker, Apr 25, 2008.

  1. sculker

    sculker New Member

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    :eek: :D



    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
     
  2. hillbilly68

    hillbilly68 New Member

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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--".
     

  3. bkt

    bkt New Member

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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.
     
  4. fxstchewy

    fxstchewy New Member

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    Looking to get a Revolver with mine. :D
     
  5. Dillinger

    Dillinger New Member

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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
     
  6. fxstchewy

    fxstchewy New Member

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    cap is 75k for ind. and 150k for couple. unless they have changed it.:eek:
     
  7. Dillinger

    Dillinger New Member

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    Sweet. Looks like the household might be getting something after all.

    Thanks.

    D
     
  8. opaww

    opaww New Member

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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
     
  9. hillbilly68

    hillbilly68 New Member

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    Add it to savings. Thus the guess that this will do little to "stimulate".
     
  10. Doug1627

    Doug1627 New Member

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    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
     
  11. gregs887

    gregs887 New Member

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    Whoopdedo, $300. Thats what, a couple tanks of gas and some groceries?
     
  12. Dillinger

    Dillinger New Member

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    LOL - It's all in the phrasing. How about "a couple of tanks of gas and some groceries that you didn't have before you went to the mailbox?"
     
  13. Doug1627

    Doug1627 New Member

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    Exactly.


    When I get mine I will have one less credit card bill to pay.
     
  14. gregs887

    gregs887 New Member

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    I cant argue with that. I was cranky in my original post and didn't get across what I wanted to. I'm just bitter because this handout (and thats all it is) is not going to stimulate the economy in any way and will probably end up hurting the economy even more seeing as this is money being spent that we don't have. That being said I guess its one more credit card payment I wont have to worry about. :rolleyes:
     
  15. Dillinger

    Dillinger New Member

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    ^ Agreed on all accounts. This won't do much except increase Wal-Mart's bottom line for about three weeks & get some people straight with the bill collectors for a month, then that will pretty much end the big "rise" in the economy. The average person can't do jack with $300 or $400 dollars. You aren't going to be buying that new washer and dryer or that new car you have been wanting, that's for sure.

    But, I suppose you can always send it back if you feel that strongly about it. ;)

    I am going to buy some good quality booze and drink until I don't hate politicians as much. I figure $300 worth of top shelf Vodka and Rum ought to JUST about get me there. :p

    JD
     
  16. bkt

    bkt New Member

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    Where is almost all the stuff that Wal-Mart sells made? (Hint: It's the same place the money came from for this "stimulus".)

    Hey, good luck with that. I'll raise a cold one on your behalf. My liver would go up in a puff of smoke if I drank 'til politicians didn't bother me too much....
     
  17. Dillinger

    Dillinger New Member

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    Neither will mine. :p

    That's why I said just... LOL

    I will probably use my "rebate", should I get one, to purchase a new toy instead of just booze, but it was a good story none the less. :D
     
  18. teknoid

    teknoid New Member

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    I suppose my returned cash will go to a worthy cause. I've got a wedding reception, etc., to finance when my son's time in the Marines is up at the end of the year. This "rebate" will get added to the kitty (big honkin' wedding).
     
  19. mrwatch

    mrwatch New Member

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    rebates?

    I am looking at the Henry lever 22 H001T. But my wife is likely thinking new stove. I would like the source of information that the Chinese are bank rolling the plan? :confused:
     
  20. bkt

    bkt New Member

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    http://www.cato.org/pub_display.php?pub_id=9110
    http://skojec.wordpress.com/2008/02/14/us-economic-stimulus-package-made-in-china/
    http://hubpages.com/hub/2008-Economic-Stimulus-Package
    http://socialize.morningstar.com/NewSocialize/forums/thread/2486893.aspx

    Google for it and you'll find a lot.

    The government doesn't have $167 billion just lying around; it had to borrow it. From who? China.

    So, we get our checks and run to Wal-Mart/Target/Best Buy/whatever and buy stuff that is almost certainly made in China. So, much of the money we will spend will go right back to China. Also, of course, China is charging interest on the amount loaned to us. Ultimately, in time China will get the total amount they loaned to us back plus interest, plus whatever we Americans pay for Chinese-made products.

    That's a sweet deal for China.

    But don't worry -- your kids and grandkids will be left to pay the bill. :mad: