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Rebate Checks on the Way

[Feb 17, 2008.]

 

Government officials say rebate checks from the fed should be arriving in people's mailboxes by spring. The rebates, which represent an attempt to revive the nation’s ailing economy, will range from $300 to $1,200 for millions of Americans.

To get a rebate check, however, you must first file a 2007 income tax return. An estimated 130 million individuals are expected to receive the rebates beginning in the month of May. Public officials are hoping that families will spend the money in an effort to improve the nation's economic outlook.

Yet, an Associated Press poll found that only about 1 in 5 Americans intend to spend their rebates. The rest will either use it to pay bills, save it, or invest it.

The rebates are part of an economic stimulus package recently signed by the President. The legislation includes new tax incentives for businesses to increase their investments in new plans and equipment. The package also provides for more affordable mortgages.

The President has called the plan 'a booster shot for our economy.' He added, 'We have come together on a single mission - and that is to put the people’s interests first.'

The rebates will be given to those who pay taxes or earn at least $3,000. Taxpayers will also receive an addition $300 for each child. The rebates will be in addition to any tax refund you're scheduled to receive this year.

Officials are trying to prevent an economic meltdown in light of the nation's housing crisis. The housing industry is in its worst state in 16 years, and experts predict the industry won’t recover until at least mid-2008. As a result, the economy and the state of the housing industry have become pivotal issues in this year's Presidential contest. In fact, economic concerns have eclipsed war-related issues in the minds of some Americans.

Julie Ann Amos
Febraury 17th 2008

Recent News


  • Rebate Checks on the Way
    Government officials say rebate checks from the fed should be arriving in people’s mailboxes by spring. The rebates, which represent an attempt to revive the nation’s ailing economy, will range from $300 to $1,200 for millions of Americans. [17th February 2008]

  • Homebuyers in High-Priced Markets Could Get Relief
    Prospective homebuyers in high-priced real estate markets could receive some additional relief, courtesy of the federal government. [15th February 2008]

  • Newspaper Says Current Measures Aren’t Enough to Solve Housing Mess
    The San Jose Mercury News newspaper has published an editorial saying that current government efforts to solve the nation’s housing crisis simply won’t get the job done. [15th February 2008]

  • Rates on 30-Year Mortgages are Climbing
    The giant mortgage company known as Freddie Mac is reporting that rates on 30-year mortgages have increased to their highest level in 5 weeks. The rates now average 5.72%, which is up from 5.67% the previous week. [14th February 2008]

  • Credit Card Companies Hold Consumers Responsible
    Some public officials have been saying that credit card companies lure consumers into a debt trap that is difficult to escape. They say that the credit card issuers are being irresponsible in the manner in which they peddle credit.

  • Fannie Mae and Freddie Mac Offer Assistance During Housing Crisis
    The White House recently agreed to temporarily extend the size of mortgages Fannie Mae and Freddie Mac can buy, from $417,000 to almost twice that amount. [10th February 2008]

  • Treasury Department Plan May Offer Limited Aid
    There are growing indications that the homeowner bailout plan offered by the U.S. Treasury Department may have a limited effect. [7th February 2008]

  • Credit Card Debt Can Be Bad for Your Financial Health
    Many Americans carry thousands of dollars in credit card debt. Indeed, some turn to credit cards to finance their lifestyles when they are struggling with student loans, adjustable rate home mortgages, and other debts.

  • Minorities Targeted for Subprime Loans
    The National Community Reinvestment Coalition recently studied mortgage information from 100 metropolitan areas in the U.S. Some observers say the results have been quite shocking. [3rd February 2008]

 

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