March 26, 2008How will you spend your tax rebate check?Federal tax rebates have been springing to many people's minds, because the checks are coming soon. The payments, that could range from $600 to $1,200 or more, under the economic stimulus plan are supposed to be rolled out in May. Some states have considered creating a sales tax holiday to coincide with these rebates. Read more about it here. Tax holidays are periods when certain purchases are tax-free. Virginia is not one of these states, according to the state's department of taxation. But there is a spring sales tax holiday for hurricane preparedness that's set for May 25 to 31. It will include portable generators priced at $1,000 or less and other items that apply that cost $60 or less. Of course retailers can choose to absorb the sales tax on any merchandise during this period. Here’s more detail about the holiday. Back to the stimulus, I’m curious about how you plan to spend your federal tax rebate check. Have any ideas so far? A survey by the National Retail Federation says that people will spend 40 percent of their checks. And of the $105.7 billion distributed through the tax rebates, at least $30 billion will be used to pay down debt, according to the survey. |
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Comments
[March 26, 2008 4:43 PM]
MichelleI had originally planned to use it to pay bills, but I think instead I am going to get a new couch!
[March 26, 2008 11:25 PM]
Other JohnWe're using ours to pay off a couple credit cards and catch up on some vet visits for our cats. Anything that's left over we'll put in savings. We're not planning much to help stimulate any economy except our household one.
[March 27, 2008 12:36 PM]
Amy : →http://www.giveitaway.typepad.comI’ve been stewing over the “tax rebates” for a while - are we really so greedy as a nation that during the biggest economic downturn in recent memory we’ll go buy new MP3 players? Do we really want to subsidize Walmart and China with our tax dollars? How much is this plan costing us over and above the amount the checks are being written for? Well, I’ve decided to act on my thoughts. I’ve started a new blog about the topic focusing on what I believe is the best response to the Economic Stimulus Plan – giving it away. Please visit and let me know what you think.
Give It Away www.giveitaway.typepad.com
[March 27, 2008 2:28 PM]
GregWe should get this right before we go on vacation so we are using ours to pay for our hotel bill.
[March 27, 2008 4:17 PM]
NikkiI think many of us are going to catch up on bills. I know I will! My goal (a.k.a New Year's Resolution)is to be debt free. And I'm almost there.
[March 30, 2008 5:32 PM]
JennyHi, everyone, Thanks for offering up some ideas of how you plan to spend your rebate checks. It sounds like the majority of you are using the checks to pay bills or debt. And with vacation season nearing, I'm sure many people will use their checks for travel, like Greg mentioned.