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May 13, 2008 8:35:10 AM CDT

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Will Tax Rebates Boost Economy? Test Starts Today  

Posted Apr 29, 08 7:58 AM CDT in Business    Most Covered

(newser) – The first tax rebates designed to kick-start the economy should begin arriving in bank accounts today. The Treasury Department has begun sending electronic rebates to nearly 8 million people by the end of this week, and some 130 million checks will go out via snail mail in May. President Bush hopes taxpayers will spend the cash—up to $600 for individuals, $1,200 for couples—but economists say many will save it or pay off debts.

“Because it does not get into the economy, it does not increase incomes immediately,” said one economist. “On balance it was a good idea. Even if only modestly, it will lean against the wind.” 

Source New York Times

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    No Rebates for Immigrant Taxpayers—or Yank Spouses Hundreds of thousands of legal, taxpaying immigrants and their Americans spouses are among the unhappy few who won’t be getting a tax rebate check, AP reports. Taxpayers need a Social Security number to qualify—a rule intended to carve out illegal immigrants. Also inadvertently cut from the benefit are legal residents and American citizens—including US soldiers—who filed jointly with a spouse without a Social Security number, which can take years to obtain. More »

Will Tax Rebates Boost Economy? Test Starts Today
A shopper reaches for milk at the Acme supermarket in Lawrenceville, N.J. Tax rebates will begin showing up in Americans' bank accounts this week.   (AP Photo/Mel Evans, file)
Will Tax Rebates Boost Economy? Test Starts Today
President Bush said tax rebates should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.   (AP Photo/Reed Saxon)
Will Tax Rebates Boost Economy? Test Starts Today
President Bush says tax rebates should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.   (AP Photo/Manuel Balce Ceneta)
Will Tax Rebates Boost Economy? Test Starts Today
Shoppers walk to the Best Buy store in Anchorage, Alaska Wednesday April 2, 2008. President Bush hopes his rebates will spur sales everywhere.   (AP Photo/Al Grillo)
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economy  • credit card  • Treasury Department  • economic stimulus package  • tax rebate  • Internal Revenue Service  • savings


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