Mid-southerners to start receiving tax rebates Monday - WMC Action News 5 - Memphis, Tennessee

Reported by Lori Brown

Mid-southerners to start receiving tax rebates Monday

Starting Monday, the federal government will be sending checks to about 130 million households as part of President Bush's economic stimulus plan.

The first round of tax rebates will be deposited into the accounts of Mid-Southerners who received their federal tax returns by direct deposit.

The rebates will range from $300 to $600 for individuals, and $600 to $1200 for married couples.

The Bush administration hopes Americans will spend that money, pouring nearly $170 Billion back into the economy.

Retailers, too, are hoping that recipients will spend their checks.

"Six hundred dollar tax rebate can buy a lot of GPS," said Jason Rivers, operations manager at Best Buy in the Wolfchase area. "A $1200 rebate will get you a 32-inch plasma flat screen TV."

But with rising prices on everything from gas to groceries, it seems doubtful that most Mid-South shoppers will spend their checks on retail items.

"We're going to use it to pay off debt," said Kevin Brent.

"Pay bills," said Justin Ware.

"I'm going to pay off some expenses I already have," said Melissa Spear.

Your social security number will determine when you receive your money. Those taxpayers who opted for direct deposit when filing tax returns will receive their rebates sooner.

Those with social security numbers ending in 0-20 will receive rebates by May 2; numbers 21-75 will receive checks by May 9; numbers 76-99 should expect checks by May 16.

Paper checks will also go out in a similar numerical order between May 16 and July 11. The final round of paper checks will go out in early July.

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