What Will You Spend Your Government Tax Refund Money On? (Columbia: home, purchase)

[SteelCityRising]

117,000,000 Americans will soon be receiving a check in the mail as President Bush and Congress attempt to stave off an impending recession. $600 will be sent to individual taxpayers, and $1,200 will go to families with an additional $300 per child. I myself will likely be receiving $300 as a young working taxpayer who is still claimed as a dependant on my parents' tax return, but I might even receive the $600 amount if I'm lucky and fall into a "loophole" somewhere.

What are your plans for this cash? I'm personally going to plop it right into savings, so the government is, in essence, "wasting" its check on me, as I won't be utilizing this money to stimulate the economy until potentially when I purchase a new car in 2009 or a home in 2010 or 2011.

[Retired Law 08]

First of all I will have to split it with my wife, lets see 1,600 800 each, or there about minus tax ( of course) I just started making wine and beer, so I would purchase more wine or beer kits, and go out for a nice dinner in my favorite place clarks summit, I wanted to try patsels.

[poconosmama]

I'm sure we'll spend it on fun stuff since it's also tax refund and bonus time. That's the serious money, this is the icing on the shopping spree cake!

[CHS89]

One thing I don't understand. Why is this called a "rebate" when, according to CNN, "People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per couple"?

Coartist, I used to go to THW for brewing supplies. When they were closing, they said there were plans on a brewer supply shop around back in the future. I haven't noticed, is there one there now?

To the question, it's found money. It'll make it's way back into the economy at some point, courtesy of something totally unnecessary and not particularly good for me, I'm sure.

[dexcye]

Coartist, I used to go to THW for brewing supplies. When they were closing, they said there were plans on a brewer supply shop around back in the future. I haven't noticed, is there one there now?

To the question, it's found money. It'll make it's way back into the economy at some point, courtesy of something totally unnecessary and not particularly good for me, I'm sure.[/quote]

I'm assuming THW means Taylor Hobby World in Clarks Summit? I'm new here and still learning the acronyms (thought DC meant District of Columbia in a recent thread ) Anyway, I just saw an add somewhere (probably the Electric City) for a new beer and wine making supply shop in Clarks Summit, but can't recall the name. Anyone?

[ff18wife]

Anyone know when this "rebate" will be hitting the mail? The sooner the better for me... :-)

[CHS89]

Last I heard, June.

[SteelCityRising]

Originally Posted by CHS89

Last I heard, June.

That sounds like too little, too late to make an impact on the economy NOW!

[CHS89]

It might. People will spend money that they don't have, figuring they'll just make up for it when they get their checks. Strikes me as odd that the idea came from a lame duck administration.

I don't think this was ever intended to be an overnight solution, though.

[mathjak107]

last time they sent a rebate in the early 2,000,s there was a study done. only 21% actually spent it. it really didnt spurr anything.. heck ill take any money our gov wants to give us back but as far as having any effect on the economy it wont amount to a thing. its less than 1% of gdp or about 2.5 days of output if everyone spent it. thats not a drop in the bucket