Checks from the IRS are arriving in post boxes around the country. Whether or not you believe that the Federal Economic Stimulus Plan is a good idea or not, you probably won’t be lamenting the fact that a check will be coming soon.

If you haven’t already received yours, this IRS page will give you an approximation of when it might be arriving.

What exactly is the economic stimulus package?

“The economic stimulus package is a change in the tax code that will eliminate the 10% bracket from 10% to zero for the first $6,000 of taxable income in 2008. But the government decided to do this based on tax filer’s 2007 taxes so they could distribute this money so tax payers would spend it now and (hopefully) boost the economy.” says Patrick in his FAQ post about the stimulus package.

I guess the real question is, Buena Vista, where will you be most likely to spend this check?

Jennifer Waters from Market Watch writes, “A growing number of consumers told pollsters in at least three separate surveys recently that they will use the money the government is sending them in coming weeks to pay down debt, fill up the family car and stock the kitchen pantry.” The rest of her article is full of polls asking how people will spend those checks.

21% of those getting checks will be paying off debt, and 23% said they would use the check for necessities. More people will be using the check to combat high gasoline prices while few people answered that they would be spending on fine-dining or fast food. New clothing and electronic purchases will be taking a backseat to the necessities.

What do the experts say you should do with the rebate? From Barbara Mlotek Whelehan’s article:

“The National Association of Personal Financial Advisors suggests readers should strengthen their financial security several ways. Best way to use your rebate money:
1. Contributing to an IRA.
2. Paying off high-interest credit card debt.
3. Saving for college.
4. Building a rainy-day fund
5. Paying off long-term debt such as a student loan or mortgage.”

So it looks like that flat screen will have to wait…

Photo credit

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