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WASHINGTON (AP) - President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.
Is this really going to do anything but be a very short term allowance?
Originally posted by Dr Love
The only stimulus I'll get out of it is if I go buy some pron!
Originally posted by Crakeur
reply to post by zysin5
the money you receive will not reduce have any impact on your 2008 taxes.
and my take on the rebate:
The last time we received one of these governmental gifts, everyone got them and the result was rather stimulating. The gov't is hoping the same will happen but they did a bad thing by limiting the recipients based on their income being below certain thresholds. What they've done is given money to people that will probably not put it back into the system. Many economists and financial experts think one of two things will happen. Either the money will be used to pay off credit card debt or it will go into the bank. Neither will help stimulate the economy as the gov't so desires. The truth is, the folks making over $75k ($150k for married filers) are more likely to have disposable income and, therefore, more likely to take the stimulus and spend it on something rather than pay off credit card debt or put it in the bank. Unfortunately, those income figures are the starting point for the phase out of the stimulus checks so the people most likely to spend that money are the same people the gov't is excluding from the recipient list.
When my clients bring up the rebate and ask how much they are entitled to, the majority of them, when told the amount, say "well, it will cover the interest on my credit card bill for a month" or some variation thereof. I have yet to hear one client say "I'm buying myself a (insert any product here)."