President Bush said earlier this morning that the rebates for the 2007 tax year, offered to approximately 130 million American taxpayers and households as part of the federal government’s economic stimulus package, will go out earlier than expected. Specifically, the IRS will begin to give out tax rebates by direct deposit this upcoming Monday, April 28.Approximately 7.7 million families and individuals are expected to receive tax rebates next week.
For those households that requested checks to be mailed, Friday, May 9 is the big date. The IRS intends to send out the checks through the mail on May 9.
The tax rebates go from $300 to $600 for qualifying single individuals, and amount to as much as $1200 for families with lots of dependents.
The Treasury Secretary, Henry Paulson, explained the reason for this early action on the part of the federal government. ‘We’re a little bit ahead of schedule, so will start right on Monday,’ said Paulson during the course of an interview this Thursday. The rebates were not supposed to have been sent out until the beginning of May.
Could the economic problems that have been plaguing the first quarter of 2008 be responsible at least in part for the Treasury’s early action? Did the continued housing crisis and the high cost of gas have any thing to do with the IRS’s decision? Paulson implied that they did. The federal government wants to inject money into the economy quickly in an attempt to halt its decline, Paulson said.
President Bush was optimistic about the success of the government’s economic incentives. “This money is going to help Americans offset the high prices we’re seeing at the gas pump… and will also… help up pull out of this economic slowdown,” he predicted at the White House earlier this morning.
Tags: tax help, tax rebates
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