WASHINGTON, April 28, 2008
Poll: Bill-Paying Tops Rebate Check Plans
Most Americans Expect To Receive Rebate, Half Plan To Use Money To Pay Bills
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(CBS)
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Play CBS Video Video Tax Rebate May Not Stimulate High food and gas prices may spoil President Bush's economic stimulus package. Many consumers say they will save the money or pay off debts. Bianca Solorzano reports.
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Video Taxpayers Ready For Rebate Millions of Americans are eager for their tax rebate checks as part of the Bush administration's stimulus package. But, as Anthony Mason reports, these rebates may be too late.
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Economic Stimulus The Payment Plan Expecting a rebate check? Find out when your money will be on its way.
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Interactive U.S. Taxes Find out more about where your dollars go, and take a quiz on filing with the IRS.
According to a CBS News/New York Times poll conducted over the weekend, 75 percent of Americans expect to receive a rebate check. Of those expecting a rebate, half say they plan to pay bills with the extra money, 27 percent say they will save or invest it and 18 percent plan to spend it.
While American taxpayers may be delighted to receive the extra cash, 56 percent do not think the rebate checks will stimulate the economy, and only 41 percent think that it will help.
Read The Complete Poll ResultsThe Internal Revenue Service started making the deposits at 8:30 a.m. EDT Monday with the goal of completing 800,000 direct deposits each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday.
The government's paper checks will start going out on May 9, a week earlier than previously announced. The rebates, which are expected to reach 130 million households, range up to $600 for an individual and $1,200 for a couple. Families with children will get $300 per child.
The rebates were the centerpiece of the government's $168 billion economic stimulus package enacted in February and are designed to bolster consumer spending and lift the economy out of the doldrums.
The checks will arrive six months too late to prevent an economic slowdown, which started back in December, reports CBS News correspondent Anthony Mason. But they could help keep what many economists now say is a recession from getting even worse.
President Bush last week disputed that the country has fallen into a recession, saying he believed it was a period of slower growth not an full-blown recession.
"It's obvious our economy is in a slowdown. But fortunately we recognized the signs and took action," Bush said Friday in announcing that the rebates were going out a few days earlier than expected.
The rebate checks are coming as the IRS wraps up sending out the normal refund checks to taxpayers based on their 2007 tax returns which taxpayers had to file by April 15.
The IRS said all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11. The direct deposits and the paper checks are being processed by the last two digits of a taxpayers' Social Security number.
For people receiving direct deposits, those with a Social Security number ending in 00 to 20 will have their economic stimulus payment deposited to their bank account by May 2.
Those with Social Security numbers ending in 21 to 75 will get their direct deposits by May 9 and those with Social Security numbers ending in 76 to 99 getting their deposits by May 16.
©MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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See all 132 CommentsNow I will be in the last round of the rebates. I was leary of the whole thing, free-handout?? Somewhere, someone is paying for this. They say it will jumpstart our economy, but how can it? I have this feeling like it is all going to come back and bite us all. Sure, I will take it and spend it... but what will the effect really be? And for those who are on fixed incomes... who is going to pay for their rebate? It all seems a little scary... what is really going to come from all of this?
The irs is not depositing these "REBATES" into third party banks so anybody who wanted hr block to directly deposit their "refund" will get their "rebate via paper checks....grrrrr!
I looked at irs.gov this means they aren''t mailing our "REBATE" check we so desperatly need till may 23rd. if they go by the last two digits of my husbands social, if they go with mine...then it won''t be untill june 13th. I''ll remember this in the future....I feel like we''ve gotten screwed over by hr block and hsbc and we will think twice about who we file with in the future.
Posted by bobmarisol at 12:24 PM : Apr 29, 2008
............
Who says that all wealthy people "worked hard" and "earned" their money?
I have two words for you bob:
Paris Hilton
Of course, she is just one of the majority of the wealthy who DID NOT earn the majority of wealth they have accumulated.
When one works, and earns income from that work, then that should be taxed as minimally as possible.
But when one wins their wealth, either by inherritance, the lottery, or various investments, then 50% is perfectly fine. It''s not like they lost what they "earned".... they''re just getting to keep half of what they won.
(And yes, gaining from investments is mostly due to luck, since you are putting your money in someone or something else to do the work for you. And you''re lucky if they don''t just squander or run off with it!... Enron).
Posted by bobmarisol
Who''s being punished? Is the poor taking something away from the rich? As far as I understand, whatever rebates we get this year will have to be claimed as income next year so it''s not a free handout. And the poor people I know work 2 to 3 jobs just to get by. They are the ones who will need to use this money to pay bills. The richer people are less desperate.
2)The ethanol sham that has we tax payers subsidizing the construction of ethanol plants for the oil boys.
3)Ethanol is sky rocketing food costs because the oil boys are in our food supply now (ethanol).
4)Bernacke rescueing the banks and speculators by lower the interest rate on money that it manufacture''s and investors do not want to purchase because they loan it out so cheaply.
Every bit of my rebate funny money will ultimitly be spent for oil products or because of oil people.
Anyway, even though I make very little money right now, I do not think we should punish wealthy people who worked hard and earned their financial success. If we punish people for being successful, it only encourages people to be unproductive. Ultimately, it is a socialist way of running society. I much prefer American capitalism to European socialism.
Rich or poor, everyone in America can attend college, get an education, and improve their situation. That is a key aspect of what makes our country great.
First and the most important part is their are more of them.
Second you ever heard of the French Revolution? Maybe not let me see "Let them eat cake". Guess what happened to the rich who took the same attitude you are taking. Does off with their heads ring a bell.
Next look at the Russia, remember the Soviet Union or are you like the idiot neo cons who think is still exists. Same reason while the Carza lived in pardise the poor had no food. Do you remember what happen next.
Plus most money in this country like the rest of the world is old.
Good night and good luck.
Posted by dawg_pound at 11:13 AM : Apr 29, 2008
Why do poor people deserve more help? Shouldnt people who work harder and earn higher wages be rewarded? Dont forget that many people who earn less than $35k are already getting money from the government in the form of subsidies, food stamps, welfare, etc.
People who earn the most money are generally those who earned it thru hard work - they got an education and now they are reaping the rewards. Why should they be penalized for their hard work?
Of course there are some poor people who do work hard and there are some rich people who did not work hard (Hollywood actors, etc.). But the vast majority of poor people are poor by choice - they choose not to get an education and to better themselves. And the vast majority of wealthy people have earned their money thru hard work and education.
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