Tax Rebate: President Bush advocates to take tax rebates to boost economy
Tax Rebate: President Bush advocates to take tax rebates to boost economy
Area residents said Saturday they were aware that their share of a $168 billion in tax rebates would soon be in the mail. What some didn’t know, though, was they could begin receiving their rebate as early as today.
“I didn’t know that,” said Tyner resident Maddrick Mason, who along with his wife, Jessica, are expecting a total rebate of $1,200. “It’s great. Keep it coming.”
House Speaker Nancy Pelosi stands next to a display check Friday on Capitol Hill at an event marking the start of the delivery of economic stimulus payments.
President Bush announced Friday that tax rebates will start going out today, several days earlier than the Internal Revenue Service has previously announced. The president said he hopes the early arrival of the rebates helps Americans cope with rising gasoline and food prices and other expenses. The rebates — up to $600 for an individual, $1,200 for a couple and an additional $300 for each dependent child — are the centerpiece of the government’s $168 billion economic stimulus package designed to inject life into an ailing U.S. economy.
“Starting Monday (April 28), the effects of the stimulus will begin to reach millions of households across our country,” Bush said Friday in remarks on the South Lawn of the White House.
The Masons, however, said while they were grateful for the rebate it’s not likely that they will spend it as soon as they get it. Instead, they plan to hold on to the extra money to pay for car repairs and other essential needs.
Jessica Mason said it was unlikely that the rebates would help heal the economy unless everyone who receives a rebate goes out and spends.
Someone else who plans to hold on to their rebate is Haylee Barrick, of Elizabeth City.
“I save as much as I can for college,” said Barrick, who expects to receive $300. “It’s just a little bit more.”
The first wave of rebates will be directly deposited into people’s bank accounts starting as early as today. The IRS had been saying direct deposits wouldn’t start until Friday. Bush said paper checks would begin going out on May 9, a week earlier than previously announced.
“The money is going to help Americans offset the high prices we’re seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown,” Bush said.
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Bush’s emphasis on fuel and food prices differed from other comments he’s made since signing the economic stimulus legislation, intended to aid the economy by boosting overall consumer spending — which accounts for roughly two-thirds of the nation’s economic activity. Bush has suggested the rebates could trigger a spending spree.
“When the money reaches the American people, we expect they will use it to boost consumer spending,” he said in March.
House Speaker Nancy Pelosi, D-Calif., agreed that people “need this rebate to cope with the rising cost of gas and groceries.” She said that, while the rebates would help to get the economy moving, there was a need for a second stimulus package “and we have begun some conversation with the administration and Republicans.”
The IRS now says all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11.
Tax Rebate: President Bush advocates to take tax rebates to boost economy. Editing by Jennifer Yang
[...] ethioamericansforobama wrote an interesting post today onHere’s a quick excerpt“Starting Monday (April 28), the effects of the stimulus will begin to reach millions of households across our country,” Bush said Friday in remarks on the South Lawn of the White House. The Masons, however, said while they were … [...]
[...] amateur29095 wrote an interesting post today onHere’s a quick excerpt“The money is going to help Americans offset the high prices we’re seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown,” Bush said. … [...]