Rebates from the 2008 economic-stimulus package will go out earlier than planned, with the first payments to start Monday, President Bush said, reiterating that the infusion of cash will help lift the U.S. economy out of its ongoing slowdown. The money is being sent to taxpayers earlier than scheduled. The payments were originally slated to begin May 2.
Here is President Bush’s remarks:
THE PRESIDENT:
Good morning.
It’s obvious our economy is in a slowdown. Fortunately, we recognized the signs early and took action. I signed an economic growth package that will provide tax rebates to millions of American families and workers to boost consumer spending.
On Monday, the Treasury Department will begin delivering the first of these tax rebates by direct deposit. During the first week alone nearly 7.7 million Americans will receive their tax rebates electronically. Then on May 9th, the IRS will begin mailing checks to millions more across America.
By this summer, the Treasury Department expects to have sent rebates to about 130 million American households. These rebates will provide eligible Americans with payments of up to $600 a person, $1,200 for couples, and $300 per child.
If you’ve already filed your income tax return your rebate is on the way. Even if you don’t owe any income taxes you may still be eligible for a check, but you need to file a form with the IRS. And it’s not too late to do so. Now, you can find out information as to how to proceed by calling your local IRS office, or go to the IRS website.
We want to make sure everyone who’s eligible for a check gets one on a timely basis. This money is going to help Americans offset the high prices we’re seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown.
I’m pleased that the Treasury Department has worked quickly to get the money into the hands of the American people. Starting Monday, the effects of the stimulus will begin to reach millions of households across our country.
Thank you very much.
(Rabbi Linchos Pipschutz / YW-112)
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8 Responses
Why is Bush trying to be in state of denial by saying we are in an economic slowdown? We are in recession, period. When gas prices are reaching $4 a gallon, when food prices have doubled, when the housing market is shot, when millions are out of jobs thats called a recession not an economic slowdown.
What does he mean by “Even if you don’t owe any income taxes you may still be eligible for a check”?
Also which Monday is he talking about? Today?
Number 2, The Pres simply means that the rebates are to be distributed evenly, regardless of tax liability.
The couple with a $100,000 tax liability will receive the same amount as the couple with a $0 tax liability.
Rav Mechel: There is a technical definition of a recession. 2 consecutive quarters of negative economic growth. While times may be rough, he is perfectly justified in NOT calling it a recession.
AMD: He meant today. However, the irs.gov website has not yet been updated to reflect the new payment schedule. DD on 05/2, 5/9 or 5/16 depending on the last 2 of your SS#. I wonder what this means for that schedule.
I try to avoid politics but I can’t help smelling a scam here. To me, this one ranks up there with the flimsy Nigerian Internet Spam Artists- are we going to take it quietly???
There is NO EXCUSE for our current gas prices. The skeptic in me sees the government (can’t be Bush alone?) trying to buy us off with “free money”- to sooth us with “rebates” of our own money really, which, of course, increases the national debt. This is the same “magical thinking” that gets folks in trouble with credit cards.
But the kicker is who REALLY gets the money- with the gas prices so cranked up, fuel at the pumps and transportation costs for our necessities such as food, will MORE that grab our whole rebates, AND, surprize!, pass them to Bush’s friends, the oil barons.
The false costs of fuel are bleeding the strength out of our economy. Ok, maybe we can manage with less optional travel, but we still need food and heat. And I am NOT a socialist; I’m a business person who believes in business responsibilities.
I think these oil companies are gonovim who need to be dealt with. Them and the quick buck artists who gave people mortgages for overpriced houses they couldn’t afford, and then sold the risky paper to the stock market.
That’s what is really wrong with the economy. A few hundred dollars each will not even make a dent in that. Heaven help us.
#5 The oil companies did nothing wrong. Why is it their problem if speculators make the price of oil go sky high. Maybe if the government will let them dig in alaska and such places, Bec. a) there will be more supply, b) we won’t by reliant on saudi arabia anymore.
AvodasChesedOutofTwn-Perhaps you were not a tax paying citizen in 2001 when checks of the same type were issued to all tax filers and gas was averaging less than a dollar seventy five?
He’s gaining popularity while not losing much. what do you think makes gas prices so high if not tax. The post is really benifiting.