Rob Karas, 39, of Haymarket, Va., expects to receive a tax rebate of $2,400 this spring. It’s a nice-sized amount, but don’t look to the Karas family to stimulate the economy. Karas, an information security expert, plans to invest $1,200 in retirement savings for himself and his wife. The remaining $1,200, he says, will go straight into college savings accounts for his four children, ages 1 through 11. He had considered using the money to take his family to Disney World. But “With the uncertainty of the economy,” Karas says, “right now, I’m going to forget I got that money and put it in mutual funds.”
That’s not exactly what the Bush administration wants to hear. Starting in early May, more than 130 million Americans — or at least, those who have filed a tax return by the deadline at midnight Tuesday night — will receive tax rebates ranging from $300 to $600, or $1,200 for married couples, plus $300 for each dependent child. The rebates, which represent a one-time cut in 2008 tax rates, were intended to help rescue the economy from recession by encouraging consumer spending. A similar rebate program in 2001 was widely credited with curtailing that year’s recession.
I will use the rebate to recoup what I have paid in taxes today, April 15th. I guess I am not the ideal recipient.
I’m going to buy a huge tank of CO2, put it out in the yard and open the valve.
Obama just admitted in the debate that capital gains tax cuts pay for themselves. Then he said he would raise taxes anyway.
Hillary also admitted to being a liar(said things that I knew were not true)
Let’s see, borrow money from another country (that likely owes us anyway) and distribute it to our citizens (who?) and expect them to buy stuff with it. Buy what? Ummm how about items made in the same country we borrowed the cash from. What?!? Way to stimulate our economy there! I have two suggestions for the money:
Make it work for you – investment, pay debt, etc… or buy supplies for the coming massive collapse and get ready for the new order… one or the other – not both because if you have one the other won’t matter and vice versa.
I think it’s coming… our government is so smart – their too blind and stupid to see it.
BTW: Republicans and Democrats both suck!!! Neither side gets it right (unless it involves attacking the founding rights and freedoms of our country). I’m sorry what was that? I couldn’t hear you over the loud sucking sound coming from Washington DC.
eric…it WAS the same administration in ’01.
I’m going to buy a ring for my girl and get married. Then I’ll get $1200 next time!