Tax Rebate Checks Out By Monday
Tax Rebate Checks Out By Monday
http://www.allheadlinenews.com/articles/7010759122
Vittorio Hernandez - AHN News Writer
April 25, 2008 1:07 p.m. EST
Washington, DC (AHN) - The ailing American economy is expected to be given a boost next week when the Internal Revenue Service starts mailing tax rebate checks ranging from $300 to $1,200.
The windfall is part of the Bush administration's economic stimulus package designed to help Americans deal with the subprime mortgage crisis and jumpstart the national economy through spending.
President George Bush said Friday at the White House, quoted by AP, "This money is going to help Americans offset the high prices we're seeing at the gas pump, at the grocery store, and will also give our economy a boost to help us pull out of this economic slowdown."
Around 7.7 million U.S. taxpayers are expected to benefit from the economic stimulus package. The IRS will start mailing the checks by May 9, while those who filed their income tax returns on time are expected to receive their rebated by deposit or mail by July 11.
But only 3 out of 10 check recipients plan to spend their tax rebates, according to a study by the University of Michigan, while the rest would use it to pay their debts or save it.
