On Monday, April 28, 2008 the Treasury Department will begin delivering the first tax rebates by direct deposit, called the Economic Stimulus Payments. During the first week alone nearly 7.7 million Americans will receive their tax rebates electronically. Then on May 9th, the IRS will begin mailing checks to millions more across America.
By this summer, the Treasury Department expects to have sent rebates to about 130 million American households. These rebates will provide eligible Americans with payments of up to $600 a person, $1,200 for couples, and $300 per child.
According to President Bush, “If you've already filed your income tax return your rebate is on the way. Even if you don't owe any income taxes you may still be eligible for a check, but you need to file a form with the IRS. And it's not too late to do so. Now, you can find out information as to how to proceed by calling your local IRS office, or go to the IRS website.”
We, the government, want to make sure everyone who's eligible for a check gets one on a timely basis. This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown.
My question to my fellow bloggers, what do you plan to do with your “extra” money? Paying bills, making an unplanned purchase, or saving the money?