Everyone has been talking about Bush's plan to stimulate the economy in the form of tax rebates. I won't go into much detail about this plan. In a short, each individual will receive a tax rebate of at least $300 as long as they earned at least $3000 in 2007. The purpose of the rebate is to encourage consumer spending in order to avoid a recession. Some have reported that the checks will be mailed out by June while others report that they will start mailing out the checks at the end of June due to the tax season. I am not sure which it is. Hit me up with a comment if you know.
Below is the Economic Stimulus Tax Rebate Calculator. You can use it to see if and how much of a tax rebate you will receive (thanks to Single Ma):
I am calculated to receive $600. At first I planned on using the rebate check to pay down my credit card debt but I have two other options to add to the mix. I can use my tax rebate to do one of the following three:
- 1. Pay down my credit card debt.
- 2. Pay for Fall tuition and books for graduate school.
- 3. Use for July trip to Essence Festival in New Orleans.
I'll make a decision when I receive the check. I don't know what my financial status will be when that time comes but it will definitely be the deciding factor.
What do you plan to do with your tax rebate?