CNN: Tax Rebates: Where’s You Check
Looks like lawmakers are planning on implementing a do over of the rebate checks from several years ago in an attempt to head off an impending recession. CNN has an article posted on there site discussing some of the details.
The biggest component of any government plan to jump-start the economy is expected to be issuing tax rebate checks - both Republicans and Democrats are pushing the idea of sending out checks for several hundred dollars if not more.
But their effectiveness is debated, and it could be summer before Americans see any real cash.
Once a rebate is decided on, the IRS could start mailing out checks by the end of June since the agency is now in the middle of the 2007 tax-filing season, said Jason Furman, a senior fellow at the Brookings Institution. The IRS, however, is not yet commenting on the matter since negotiations about the rebate are still under way.
The last rebate, in 2001, did help in boosting the economy and thought is basically that those who would receive the rebate, would go back out and spend that money. Me, I would bank the dollars in to my money market fund enhance our emergency fund. What would you do with the check?
Filed under: Finance and Investing
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[...] has posted an article describing the Federal tax rebates that will be due this summer. Individuals who pay income taxes would get up to $600, working [...]