Poll: How Will You Spend Your Rebate Check?

President Bush is ready to sign the $168 billion economic stimulus package and small businesses could benefit.

The new law will give companies a 50 percent bonus deduction on new equipment that would have been depreciated over many years. It also increases from $128,000 to $250,000 the limit in 2008 on expenses that are deductible from a small business's annual income.

The centerpiece of the plan for consumers is the government rebate checks ranging from $300 to $1,200. When most of the 130 million households see their checks around May or shortly thereafter, small firms like retailers and restaurants are hoping to see a rebate spending spree.

By Sharon McLoone |  February 13, 2008; 12:26 PM ET Polls
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Comments

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It wasn't on the poll option list - I will spend mine on drugs.

You don't think I can post a Raw blog sober, do you?

Posted by: M. Fisher | February 13, 2008 12:57 PM

I will most likely spend my rebate check on some home improvement project or put it towards paying off my credit card.

Posted by: Breea | February 13, 2008 1:23 PM

My fantasy is that I will buy a new Coach bag but the reality is that I will probably pay a bill.

Posted by: Shelia A | February 13, 2008 1:51 PM

Mr. Bush needs to give more than 1000$ to our household to actually stimulate our spending. 1000$ is the proverbial drop in the bucket compared to our expenses.

It should wipe out our credit card debt caused by a short period of unemployment in December and if anything is left over... we have other bills.

Posted by: Billie | February 13, 2008 2:40 PM

I expect to buy less this year; $600 is less than the increased cost of basic necessities. The upside is that the less consumed, the slower the rate of increase in global warming. (Look for the silver lining of a rather dark cloud hanging over us.)

Posted by: RJ | February 13, 2008 2:49 PM

I'll be using it to pay for groceries, gas, and heating bill.

Posted by: Jana | February 13, 2008 2:58 PM

I am going to spend it on my Penchant Lama t-shirts. I love clothes. You Crazy?

PenchantLama.com

Posted by: Penchant Lama | February 13, 2008 3:06 PM

Since the vast majority will "spend" the money either paying existing bills or socking it away - could someone explain how THAT helps the economy. Oh, and explain where this money is coming FROM?

Posted by: Richard | February 13, 2008 3:07 PM

I plan to give the money to Barack Obama's campaign fund!

Posted by: Beverly | February 13, 2008 3:11 PM

Richard: The money is coming from us ... it is an advance on our projected taxes for 2008. Our refunds will go down by the amount we receive.

Posted by: NoVA | February 13, 2008 3:12 PM

I'm planning to give that money to Barack's campaign fund.

Posted by: lee, ma | February 13, 2008 3:18 PM

I had planned on putting it into the bank, but buying a new coach bag has always been a dream of mine.

Posted by: ynewsome@clinpharm.com | February 13, 2008 3:25 PM

Hmm... so if I generally break even on my taxes... the xxx$ I am given this May will actually make me have a tax liability that I have to pay next year?

Is this true?

So we 'stimulate' this year and then get screwed next year? That would suggest that the economy isn't really going to get stimulated because we are not really spending then it will actually turn down next April when people have to save to pay their taxes... brilliant Mr. Government.

Posted by: Billie | February 13, 2008 3:28 PM

I will be buying a boat load of VA lottery scratchers

Posted by: C | February 13, 2008 3:32 PM

I am going to use it on my vacation in July.

Posted by: Jay-Bee | February 13, 2008 3:38 PM

The more important question for small business owners is whether and how they will use the increased expensing amounts and the bonus depreciation to invest in their businesses.

Posted by: Mike Diegel | February 13, 2008 4:02 PM

It's a 2008 tax cut given to us ahead of time. When we file our 2008 returns, we'll know how much was actually due us, but we won't have to pay anything back if we got 'too much'.

In the mean time, the Govt will borrow the money to pay it.

Mine's going on a car loan ...

Posted by: Gonzo, MD | February 13, 2008 4:32 PM

One (1) month's natural gas + water bills.

Posted by: Coldie Hawn | February 13, 2008 5:40 PM

Well... since me + my wife make over 150k a year we won't be getting a check. Enjoy my tax dollars everyone! Try not to spend it all on hard drugs and diapers from walmart!

Posted by: tacosaladday | February 13, 2008 5:46 PM

I'm going to be spending my $600 on hookers, cocaine, and booze. Maybe I'll do meth instead of cocaine because I was to help stimulate the US economy, not the Colombian economy. Hey, every American needs to do their part.

Posted by: McBain | February 13, 2008 8:00 PM

I think I will take the money and spend it in a Mexico, seeing we are going on a cruise in July. Thanks for the cash!

Posted by: Amber Brooke | February 13, 2008 10:22 PM

I WILL BE SENDING A CHECK TO THE DNC--
WITH A COPY TO W AND THE RNC!! What a farce-increasing the defid\cit to try buying votes-AGAIN!

Posted by: Bobert | February 13, 2008 10:57 PM

Refinancing my mortgage paying for that God awful (should be illegal) Title Insurance they nail you with.

I'm not sure I completely understand the "borrowing from next years tax rebate" statements above.

Posted by: Homerpalooza | February 14, 2008 9:21 AM

i will be paying my large power bill the one that you cant keep up with also my natural gaS BILL SIO MY HEAT WONT BE SHUT OFF / I WISH I COULD SPEND IT ON MY SELF BUT THAT WONT EVER HAPPEN .

Posted by: edwin wakeham | February 14, 2008 9:46 AM

I will be using it to pay my kids medical bills and child support and ... PPSSSSTT BAHAHAHAHA I'm just kidding. Beer and drugs all the way!

Posted by: Anonymous | February 14, 2008 11:36 AM

At a local business owned by a friend.

Posted by: Crickett | February 14, 2008 7:02 PM

I won't be receiving a rebate check, but even if I was, I wouldn't be all that excited because I would like to know where in the world would $300 take you nowadays......it's not like you're getting $3,000!! I am sure if the government is that determined to get the economy going, they could give alittle more to those that want it. What will this do? Pay your light bill or gas bill for one month, maybe?? With the cost of living you sure won't be able to do much.......whether it be $300 or $600, you will have to pay it back next year anyways. This is not what you would call "free" money. Since when does the government give you something free. To me this has become nothing but a big joke....I don't know why, but the Republicans and those in office must think we are pretty stupid.

Posted by: No Name | February 14, 2008 8:42 PM

I plan to use it as down payment on a bankruptcy. No, I'm not joking.

Posted by: Shaun | February 24, 2008 8:42 PM

Normaly I never get a rebate, but whenever I get it it goes straight to my IRA,no questions about it.

Posted by: Singh | March 15, 2008 7:38 AM

An LA Times poll revealed that 4 out of 5 people would use the money for savings or to pay down debt.

The only thing being stimulated here is the federal deficit. The US government is giving you a loan on terms out of your control. As that money does not exist it has to be borrowed. That money "given" to you has to be paid in taxes. You will (and this is not your choice) be paying that money back many, many, many times over the next 2 decades or more. In effect, until the outstanding (and currently $9.3T) deficit is paid off, the "stimulus" will be earning interest that you have to pay.

I repeat: you have absolutely no say in the interest rate or repayment terms. You have just been raped by the government. Again.

Have a nice day!

Posted by: Alan Browne | March 16, 2008 1:12 PM

I wanna buy a car

Posted by: like me or not | March 16, 2008 7:41 PM

This is not what you would call "free" money. Since when does the government give you something free. To me this has become nothing but a big joke.I WISH I COULD SPEND IT ON MY SELF BUT THAT WONT EVER HAPPEN
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Posted by: MAHEN | April 9, 2008 3:31 AM

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