Don't plan on that tax rebate anytime soon.
Under President Bush’s economic stimulus proposal, regardless of which version you hear about, the plan is to get some money back in the hands of taxpayers in the hopes that it will stimulate growth in the economy. However, as of this posting, there has been no decision as to the specific details of the proposed plan, and since the IRS is already into the 2007 tax filing season, it could be June before any checks are mailed out.
I have a very strict warning for you as of this point in time: BE CAREFUL! Do not count on anything as of yet. Do not go out and make any big-ticket purchases, rationalizing the expenditure with these rebate checks. Nothing is guaranteed. There is no dollar amount that has been agreed upon. There is no time table set for the issuance of such checks. Even the detailed plan itself has not been decided or approved by congress. Until someone such as President Bush gets in front of a microphone and says specifically that “the economic stimulus package has been approved and checks for this amount for individuals and that amount for families will begin going out on this particular day” you should act as if you will not be receiving anything.
If and when this plan goes through, then you can start thinking about what you will do with the funds, but until that day comes, these rebates are only speculation.
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