Spending, saving or investing your tax rebate?
This week President Bush plans to sign into law a $168 billion economic stimulus package that will put cash -- in the form of tax rebates -- in the hands of people and businesses.
The rebates, due to start hitting mailboxes in May, will be equal to taxes paid -- up to $600 for singles and $1,200 for couples, plus an additional $300 per child.
What are you going to do with your rebate check?
Have you already spent the cash several times over? Or will you save it, use it to pay off some debt or invest it?
My husband and I will put ours in our savings account, offsetting money we took out to complete this year's home improvement project -- a home office face-lift.
I'd love to hear what you are doing with your rebate. Please post here or email me at abaldwin@charlotteobserver. Leave your name and daytime phone number in case I want to catch up with you for a story. Thanks.
Pay my annual HOA roof assessment of $500!
Posted by: D. Browning | February 11, 2008 at 08:45 AM
Putting mine in savings to help pay my property taxes at the end of the year...
Posted by: Aquila6 | February 11, 2008 at 09:29 AM
If all goes according to plan, I will have reached my first round of savings goals by mid-April, so I will be able to spend the "extra" money on a "want".
If not, I will be saving it.
Posted by: The Small Biz. Guru | February 11, 2008 at 09:52 AM
pay bills.
Posted by: Toni | February 11, 2008 at 10:19 AM
pay bills.
Posted by: Toni | February 11, 2008 at 10:20 AM
Despite the fact that I paid a fortune in taxes the past year....I get no rebate due to the fact that this plan excludes those above a certain income level. Totally unfair and discriminatory.
Posted by: Not fair | February 11, 2008 at 07:37 PM
Saving it until I file my 2008 taxes to make sure I don't get short changed when expecting a large refund.
Posted by: Steve P. | February 12, 2008 at 08:57 AM
I am going to go to TAMPA I do believe and gamble at the hardrock cafe eat real grouper at the HURRICANE LOUNGE and lookout over the seagreen tampa bay; With my winnings from hardrock I may go to Port Canaviral and watch thewaves over there and JEW some luxury Hotel down on carcas Beach.
Posted by: monkey fun | February 12, 2008 at 06:15 PM
Im thinking about going to a strip club and ask for a bunch of lap dances in the back from my favorite dancers.
Posted by: Lord of Steele Creek | February 12, 2008 at 06:17 PM
Im thinking about going to a Mortons steak house and eat up a storm.
Posted by: fat jack said | February 12, 2008 at 06:19 PM
The U.S. Government needs to start taxing again and take away rich tax loopholes for two years ; When the Government made rich People tax breaks thats when the economy was in a nose dive; They should forget about an incentive and go to the Tax and THROW method to create jobs so People can work; FDR did this and so did BILL CLINTON and it works; Bad side is the inflation factor with houses ,autos and food. The U.S, Government needs to put a ceiling price on new autos of $ 16,000 dollars on any new auto ; Price of cars ridiculous. Cars wear out after a while and deflate quick; Homes should be left to fall where thy belong in the REAL value and not market value; Huosing is another WALL STREET 80s techno-scam set up by Wealthy Realtors; All Real estate agents have been tesing prices that wasnt appraisal , but I blame the Government for this no regulations will create fraud every time; Houses have been inappropriate for years , They just slap down a price without looking at wages around the area. Its another scam invented by the same People who brought you WORLDCOM.
Posted by: a fly on the wall | February 13, 2008 at 04:38 AM
question - do you have to pay taxes on this tax rebate next year?
Will it count as earnings?
If so - then I'll stick it in an account for next tax season...sigh
Posted by: Confused in CLT | February 13, 2008 at 05:42 AM
I think I will take my tax check and go to a GIESHA house in Charlotte and ask for low low discount.
Posted by: chia ohn hung lo | February 14, 2008 at 06:07 AM
To the person who asked about whether this tax rebate will be taxed: It is not counted as earnings because it is considered a reduction of taxes you have already paid. You will not have to pay anything extra, it's cash in your pocket.
As for my plans for the $600, it is going to help with my spending money for the European trip I'm taking later this year. The exchange rates are going to make this trip more expensive than it should be, so every little bit helps. I'm sure "Dub" would be horrified to hear that I'm taking the funds from a domestic stimulus package to spend overseas. C'est la vie!
Posted by: Concerned | February 15, 2008 at 07:22 AM
I think it's unethical for people not to spend their refund and save it. This refund is being given to you so that you won't curtail your spending or, better, spend it so that you can jumpstart the economy. If the government knew that everyone would save the money then Senate would not have enacted the bill and there would be no refund. So if you choose to save the money what you're saying is that everyone else should spend money to jumpstart the economy but not you. That doesn't seem fair.
I'll go out to a number of really pricey dinners.
Posted by: Mark | February 16, 2008 at 07:17 AM