The President spoke today about his plan for a quick shot in the economic arm. The major economic stimulus tenet of his proposal is the tax rebate. In 2001, you might remember this President sending each individual taxpayer a $300 tax rebate check. ($600 per household) This time, the President is suggesting tax rebates of $800 ($1600 for households). I love this plan. Anytime a leader gives me back some of the money his government has forcibly taken from my pocket, I am thankful. The idea of stimulating a dragging economy with tax rebates is a good one. The trick is to give the money back in increments that are large enough for people to go out and buy those bigger ticket items they've been looking into and small enough to keep folks from putting the funds into savings. Flood the market with 100 billion dollars of disposable income. This will work really really well. Very soon, you'll see car dealerships advertising brand new cars that you can drive off the lot for a simple down payment that just so happens to match the amount of whatever tax rebate you just got in the mail. Manufacturers of large screen HD TVs will mark their prices down to about $1600 just in time for those SuperBowl parties.
So?
Go out and be patriotic by spending whatever rebate check you get. For the record, donating your tax rebate to your favorite charity of choice will certainly produce the same economic outcome.
(For you small business owners, if you have been needing to upgrade some of your office equipment or buy a new copier or something like that, this President is always good for some great accelerated depreciation schedules so start picking out the brand and models you'd like.)
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Hey, when is this tax rebate suppose to come? My nephew is in Greece this semester...I'd like to use mine to buy a ticket to Greece!
I'm also looking forward to this tax rebate and it appears it's a done deal since both sides of congress support the rebate. All that needs to be worked out now is the actual amount of the refund.
I might not be a patriotic American in the usual sense though. My wife and I are aggressively attacking our remaining consumer-debt so that we can soon live the debt-free lifestyle. While it's tempting to do the American thing an go out and buy that $1,600 HDTV, we'll simply speed up our debt repayments and knock out $1,600 of debt. So is this unpatriotic? That's not the point of the refund, right? They government wants you to buy something don't they? Not exactly. You see, my $1,600 will still go back into the economy. Instead of going to Best Buy, it will go to Honda Finance or Toyota Motor Credit. Honda or Toyota will then use the money I paid them to increase their financial incentives for those consumers who will go out and buy a new car. So while I'll be debt-free... I'm supporting another American who goes deeper into debt by spending his $1,600 on a downpayment.
Just another perspective on what you can do with the money! ;-)
Tammie, I would guess that the checks would be in the mail by March 1 but I have very little empirical data on which to base that. So, it's a guess. They seem to be wanting to do something very swiftly but I really have no idea.
Chad,
I guess that's one way to go, if being a fiscally responsible adult is your thing. You bring up an excellent point. Perhaps if more Americans were as responsible with debt as the Gardners, this economic downturn could have been prevented altogether. Kudos on your pursuit of debt-free-ness.
Yes, Chad, you sound like the responsible adult...doing the Dave Ramsey thing...I think I'm too old for that now...Tim will just have to keep working forever because he has too many expensive toys and I like to play and travel toooooo much!
Alan,
At the risk of sounding unimformed, is this a tax rebate everyone will get? I have heard a lot about it on the news, but I was not sure if it applied to all.
Hey Dixie,
Here is an article that answers a bunch of questions about the tax rebate checks that were distributed back in 2001. I would assume that the process will work pretty much the same way.
http://edition.cnn.com/2001
/ALLPOLITICS/06/07/tax.primer/
It sounds like the Congress will move at their usual pace which will push the rebate checks to May at the earliest. I'm still hoping for March but I can hope in one hand and.......you get the point.
Good thoughts, but you know this is more of a cash advance loan from the government. I'm all for keeping tax money, but once it's gone, it's gone.
The very idea that low and non-income citizens are participating in this "rebate" shows the lunacy of this program. The government is running our country like a video game. Oh, morale is low? Click the "hand out money" button.
These type of programs do absolutely nothing to solve the problem They only exacerbate the driving issues behind our lagging economy.
I'd much rather pay me, and not Chase Bank.
I'm still suspicious of a president and congress who fund a war by cutting taxes and giving money away.
Then again, I'm suspicious of a president who can't keep his zipper zipped, so I guess I'm bipartisan in my suspicion.
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