The Monday Rave: Tax Rebates and Travel
Okay, we've heard you. A few folks (very few, in fact) have questioned the need for fostering negativity on Mondays. We say: Why not? But we're going to mix it up a bit from now on. So herewith is our first Monday Rave.
And could there be a better thing to rave about than Uncle Sam sending us money in the mail?
Starting today, about 130 million households are expected to start receiving the rebates According to the Associated Press, "The rebates -- up to $600 for an individual, $1,200 for a couple and an additional $300 for each dependent child -- are the centerpiece of the government's $168 billion stimulus package, enacted in February."
Now, I don't necessarily agree with the idea of giving people cash as a quick-fix for our economy, but in the spirit of Monday Raves, I'll set aside my quibbles and ask you: What are you going to spend your money on?
The Travel section has gotten a heavy does of e-mails on the subject. TripAdvisor surveyed 2,000 people and found that 16 percent of the respondents said they plan to spend all of their rebate on travel, and 39 percent said they'd spend part of it on travel. A USA Today Gallup Poll found similar results: One in five people said they'd spend their whole rebate on travel.
Around here, some of us are doing the same thing. John Deiner is using his rebate on a beach getaway to the Outer Banks. I'm still paying off my trip to South Africa (did you read my story about it yesterday?), so my check's going straight to the credit card company.
By Christina Talcott |
April 28, 2008; 6:16 AM ET
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Christina Talcott
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Posted by: Liz | April 28, 2008 7:21 AM
Thank you!! I really enjoy the travel aspect of this website (columns, blogs, discussions) and appreciate the opportunity for a rave instead of a rant. I commented last Monday on negativity and I'm glad that you cared.
Great topic!
We're going to Hawaii for our 10th anniversary in August and plan to take half of our rebate money with us. I imagine the other half will go into savings or toward bills.
Posted by: Betsy | April 28, 2008 10:29 AM
Travel would be nice, but I'm buying new eyeglasses.
Posted by: BxNY | April 28, 2008 10:29 AM
I love some of the Monday rants but this is much more positive! Cheers!
Posted by: ranter | April 28, 2008 11:52 AM
I'm inclined to put it into savings. Just to piss off the president.
Posted by: h3 | April 28, 2008 12:02 PM
Oh, sorry - I hope that comment wasn't too ranty. I'm happy you're mixing it up with a rave! I just wish it was a rave on a topic I felt more positive about. Stupid policies. Grumble.
Posted by: h3 | April 28, 2008 12:03 PM
I hope you enjoy my tax money that the government is redistributing to other people. "Rebate" my arse. It's wealth redistribution.
Posted by: Rich | April 28, 2008 12:34 PM
I'm not spending that rebate money on travel or anything else. I'm saving it because I think the economy is going to get worse before it gets better and I just might need it more in a few months...
Posted by: Not quite rich | April 28, 2008 1:13 PM
I'm using it on VCU tuition.
Posted by: RiverCityRoller | April 28, 2008 2:16 PM
If I were in an ideal financial situation I'd spend it on travel or something else enjoyable, but I'm not, so I'm paying down debt. :(
Posted by: cbr | April 28, 2008 2:31 PM
Just remember folks....bank at least 25% of this "windfall"...because it becomes TAXABLE income to declare on your 2008 returns! Nice......
Posted by: vjd | April 28, 2008 3:18 PM
I'm spending it on the co-pays for my meds. I'd be happy to spend it to buy Bush some anti-psychotic meds.
When it comes to travel, Bush probably wouldn't know the difference between a plane trip and an acid trip.
Posted by: Sasquatch | April 28, 2008 3:57 PM
Well Rich, consider yourself fortunate that you earn an income above the cut-off. You could be like the millions of the rest of us that don't get to see a gross income of even $45,000.00 in a good year!
Since I have a trip scheduled in July, I will try to keep $200.00 for that. The rest will probably go toward debt reduction in the short term. Although, I do need to purchase a converter for my analog TV( and a better antenna) so some of it will go to that.
Posted by: rja112 | April 28, 2008 5:49 PM
I'll be spending it on our upcoming journey, just like all the rest of our savings... We'll be taking off in June to ride our bikes from Alaska to Argentina - with our 10-year-old twins and the family dog!! (Needless to say, it'll drain our savings account a lot more than our rebate will replenish it to pull this one off) You can read about our journey at www.familyonbikes.org
Posted by: nancy sv | April 29, 2008 1:09 PM
FYI vjd The stimulus payment is not TAXIBLE. check out irs.gov and look at the FAQs
Posted by: rja112 | April 30, 2008 4:10 AM
The comments to this entry are closed.
I'm going to Seattle! Not super exotic, but I've never been and I hear it's great. We found $220 r/t tickets on Delta and snagged a car rental for the week for $90 pp. We're staying with friends, and the plane ticket's already paid for, so the other $500 should cover gas and food pretty well.
Hooray for poor economic policy!