Tax rebates to start arriving Monday

[Saguaro]

NEW YORK (CNNMoney.com) -- The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday.

The department had said last month that it would begin giving rebates on May 2.

Instead, 800,000 tax filers daily will get rebates on Monday, Tuesday and Wednesday. No rebates will be distributed on Thursday, and 5 million payments will be made on Friday.

The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman.

Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said.

The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy.

Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting rebates before those who use the mail.

The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate.

Rebates to taxpayers slated to get paper checks will start to go out on May 9 - one week earlier than originally planned.
The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers.

http://money.cnn.com/2008/04/24/pf/taxes/Stimulus_checks/index.htm?cnn=yes

[Sweet Tart]

Woot! Now I can go buy cheaper gas and get an education and bust through that glass ceiling :lmao

[sparks]

Woot! Now I can go buy cheaper gas and get an education and bust through that glass ceiling :lmao


:rofl

[patriotsblade]

Woot! Now I can go buy cheaper gas and get an education and bust through that glass ceiling :lmao

:lmao

[Partyless]

Gad I wish the media would stop calling this ridiculous pandering stunt a 'rebate'. Technically it's a PRE-bate - the government is fronting people THEIR OWN MONEY and will also issue a tax statement for that pre-bate come January 2009. Love how they just gloss over that part. There's gonna be some pissed off people come next year - remember the Oprah audience who got mad they had to pay taxes on the free car she gave out - multiply that by thousands and that's how pissy the lesser informed taxpayers will be. Wonder if those freeloaders who don't pay taxed yet are getting this "rebate" will have to pay taxes on it or do they get a pass on that, too?

The only thing that makes me more disgusted is the number of retailers clammoring to advertise 'Bring us your Rebate check and we'll issue you a gift card'. Oh goodie, honey, let's blow the whole wad at Wal-Mart or Best Buy or Sears or whereever buying God knows what just to stimulate the economy.

Ten to one, half the consumers who take their $1200+ check to Wal-Mart end up using the entire gift card plus running up more credit debt and oh won't that help the already ridiculous over consumption and spending in America.

This president and his ilk have the fiscal responsibility of 13 year old girls let loose at the mall with Daddy's AMEX. :bitch:scream:wall

[VRWC]

The only thing that makes me more disgusted is the number of retailers clammoring to advertise 'Bring us your Rebate check and we'll issue you a gift card'. Oh goodie, honey, let's blow the whole wad at Wal-Mart or Best Buy or Sears or whereever buying God knows what just to stimulate the economy.

Ten to one, half the consumers who take their $1200+ check to Wal-Mart end up using the entire gift card plus running up more credit debt and oh won't that help the already ridiculous over consumption and spending in America.

This president and his ilk have the fiscal responsibility of 13 year old girls let loose at the mall with Daddy's AMEX. :bitch:scream:wall

:yeah:agree

[cassandra]

Gad I wish the media would stop calling this ridiculous pandering stunt a 'rebate'. Technically it's a PRE-bate - the government is fronting people THEIR OWN MONEY and will also issue a tax statement for that pre-bate come January 2009. Love how they just gloss over that part. There's gonna be some pissed off people come next year - remember the Oprah audience who got mad they had to pay taxes on the free car she gave out - multiply that by thousands and that's how pissy the lesser informed taxpayers will be. Wonder if those freeloaders who don't pay taxed yet are getting this "rebate" will have to pay taxes on it or do they get a pass on that, too?

The only thing that makes me more disgusted is the number of retailers clammoring to advertise 'Bring us your Rebate check and we'll issue you a gift card'. Oh goodie, honey, let's blow the whole wad at Wal-Mart or Best Buy or Sears or whereever buying God knows what just to stimulate the economy.

Ten to one, half the consumers who take their $1200+ check to Wal-Mart end up using the entire gift card plus running up more credit debt and oh won't that help the already ridiculous over consumption and spending in America.

This president and his ilk have the fiscal responsibility of 13 year old girls let loose at the mall with Daddy's AMEX. :bitch:scream:wall

I completely agree.

[patriotsblade]

Some reponses from CNN's I-Report about how some will use the money:

http://www.ireport.com/docs/DOC-15450

ChuckytownNH // 1 minute ago
We're using it to pay for our Canadian Vaca: Niagara Falls, and Red Sox-Blue Jays in Toronto!
Gotta love the irony!!!

alexzane28 // 1 minute ago
Drugs. Lots of Xanax and Adderall. Probably some good weed and an eight ball of coke.

matthuhiggin // 8 minutes ago
I'm probably going to upgrade my existing iPhone when the next version comes out.

zx6r007 // 9 minutes ago
I'm taking my $600 to Atlantic City and letting it ride!!!!!!!!Thanks President Bush
:wall :faint
I really, really hope these people are just joking.

[VRWC]

Some reponses from CNN's I-Report about how some will use the money:

http://www.ireport.com/docs/DOC-15450








:wall :faint
I really, really hope these people are just joking.

Sadly, I would say they probably are not.

[Partyless]

Oh I don't know - this one sounds pretty dead on considering


Probably some good weed


Since the idiots in Washington had to be smoking some major good shit when they came up with this ingenius stimulus plan! It's very fitting that a taxpayer would blow the refund on some good weed! :headbang:smoke

[sparks]

Hey, it's their money, they can do what they want with it. :shrug

[John Gault]

Woot! Now I can go buy cheaper gas and get an education and bust through that glass ceiling :lmao

What glass ceiling?

[Trueblue]

Woot! Now I can go buy cheaper gas and get an education and bust through that glass ceiling :lmao

I suggest John McCain's Truck Driving School. Now accepting Poor Little Ol' Females to distract them from asking for equal pay!

[Oceanbreeze]

Gad I wish the media would stop calling this ridiculous pandering stunt a 'rebate'. Technically it's a PRE-bate - the government is fronting people THEIR OWN MONEY and will also issue a tax statement for that pre-bate come January 2009. Love how they just gloss over that part. There's gonna be some pissed off people come next year - remember the Oprah audience who got mad they had to pay taxes on the free car she gave out - multiply that by thousands and that's how pissy the lesser informed taxpayers will be. Wonder if those freeloaders who don't pay taxed yet are getting this "rebate" will have to pay taxes on it or do they get a pass on that, too?

The only thing that makes me more disgusted is the number of retailers clammoring to advertise 'Bring us your Rebate check and we'll issue you a gift card'. Oh goodie, honey, let's blow the whole wad at Wal-Mart or Best Buy or Sears or whereever buying God knows what just to stimulate the economy.

Ten to one, half the consumers who take their $1200+ check to Wal-Mart end up using the entire gift card plus running up more credit debt and oh won't that help the already ridiculous over consumption and spending in America.

This president and his ilk have the fiscal responsibility of 13 year old girls let loose at the mall with Daddy's AMEX. :bitch:scream:wall

:woot spot on :woot