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Tax Rebates: A windfall spending spree, or saving for a rainy day

 

co-sunshine-rebate.gifCongress is opting to put more money in the pockets of taxpayers via tax rebates of $600 to $1,000, a move made in the hopes that taxpayers will quickly funnel that money back into the economy. A worthy goal, I suppose.

I’m sure that electronics showrooms and a host of other retailers are hoping for a spending surge in a few months, but will it happen, and will it be enough to jump start the economy? The jury will be out for a while on that one.

I do know that for me any refund or other form of “windfall” will not quickly refuel the economy. My TV works just fine. I won’t buy a cell phone. My closet is full of clothes. I borrow more DVDs from the library than I will ever buy. A trip to Barnes and Noble could constitute a “weak moment” but since B&N is in Nashville, I’d have to say “not likely.” I’ll just pocket the cash for a rainy day. «Read the rest of this article»

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