Tax rebates to start arriving Monday

[soup]

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.

So those of you expecting to get something back might get lucky and get it a bit earlier than expected!

[XD45]

this is the dumbest shit ever, let's give out more money we don't have so maybe it will stir up the economy?!

/also pissed i'm not eligible i want a gov't paid glock

[SteveXD]

I won't get a check and I wouldn't want it anyway. 50 billion for people to just piss away again... Half of the people will probably use that 600 bux to put down on a $3,000 dollar tv and put the other $2,400 on a %29 credit card! Then complain about the cost of gas,food and higher taxes...

[soup]

I won't get a check and I wouldn't want it anyway. 50 billion for people to just piss away again... Half of the people will probably use that 600 bux to put down on a $3,000 dollar tv and put the other $2,400 on a %29 credit card! Then complain about the cost of gas,food and higher taxes...

I agree..... People waste $ like it is going out of style... I'll be getting one but not by choice. I'll be using mine to finish my bathroom in my new house but then again.... I'm not in any kind of financial distress but thats what happens when you stick to a budget and don't spend recklessly.

[Geol22]

Mine's going straight toward my rent. That'll let me eek out a bit more time to find a job when I graduate.

[TaurusGuy]

Sure, I'll spend mine but what a joke...it's going to help stir up the economy...right. How about do something about the cost of gas if you want to help with the economy? This money is going to do nothing to help.

[Cheeseybacon]

I'm putting my Bush Bucks into my down payment fund for a house. I'm hoping to take advantage of the fact the housing market is in the shitter right now and get myself a deal. If all goes to plan, that will happen before summer is over.

[SteveXD]

The thing I hate about the rebate is that it's pretty much government mandated spending. From what I've read in the original plan you have to claim it as income to you'll be taxed on the $600/1200 so you figure around 30% goes back to the government plus sales tax to the state... (I am not sure if that changed though)

Glad to see you guys are putting it to good use

[Emptymag]

Looks like I'll be able to buy my Silverado a few drinks!





In one end...




out the other...

[Hoootie]

I am considering using mine to buy an AR. Is Rock River an American company? How about Bushmaster?