March 24, 2008
Posted: 12:22 PM ET

NEW YORK (CNNMoney.com) — Tax rebates are the centerpiece of the government's plan to stimulate the economy, but many Americans are planning to put the money in the bank or use it to pay off debt, according to a survey released Monday.

A CNN/Opinion Research Corp. poll found that 41% of respondents plan to use their rebates to pay off bills, and 32% will put the money in savings. Just 21% of those polled intend to spend the money, while 3% said they will donate the extra money to charity.

Full story

Filed under: CNN Polls • Economy


Justin from CT   March 24th, 2008 1:00 pm ET

they're just now realizing this? i might spend mine on a summer flight. who knows…

dani   March 24th, 2008 1:06 pm ET

Despite what Bush wants us to do with the money, all the financial advisers on tv are telling people to not run out and buy that big screen tv or things we really don't need. Rather we really need to reduce our credit card debt and other debts and I'm sure most Americans agree.

Chris   March 24th, 2008 1:07 pm ET

I fully intend to spend every dime of it on some "no guilt shopping "for some frivolous things I want!! Just plain "fun"shopping.

Paula   March 24th, 2008 1:09 pm ET

It's adout time the truth comes out adout Obama.

Mike   March 24th, 2008 1:13 pm ET

I am saving my check in case Obama becomes president. Because I will need it to buy the required health insurance under his plan.

Also I might not have any job after he finishes with the ailing economy.

DAVID   March 24th, 2008 1:13 pm ET

IF THE PUBLIC AT LARGE JUST CASHED THE CHECK AND LEFT THE MONEY IN THEIR WALLETS, GEORGE ETAL JUST MIGHT BE DUMB ENOUGH TO TRY IT AGAIN.

David, Atlanta   March 24th, 2008 1:15 pm ET

I would think that putting the money into the banking system so it could be lent out would be great for the long term health of our economy. Spending it is a short burst, but saving it and paying off debt will benefit Americans more.

michael me   March 24th, 2008 1:16 pm ET

I'm donating my check to the Obama campaign. Anyone else joining me?

Mary   March 24th, 2008 1:16 pm ET

The rebate checks were a stupid idea and the American people know it. We are rejecting the President's and Congress's plan that we should be complacent little shoppers aiding China more than ourselves.

RFP   March 24th, 2008 1:18 pm ET

Thanks for giving us back the money you've already taken from us… :-\

NO MORE CNN   March 24th, 2008 1:18 pm ET

GO TO MSNBC– TO WATCH — TO BLOG—- THEY ARE MORE FAIR—

CNN IS DIVIDING THE PARTY!!!

Chuck in Oregon   March 24th, 2008 1:23 pm ET

I agree do not agree with the 54% that said the tax cuts need to be made perminent, that will in reality only hurt the economy in the long run. Our government has built us too much debt to ignor and they keep spending more and more. The sooner those tax cuts are revoked, and the sooner our government realizes and understands they CAN NOT spend more than they take in the better we will be off as a country. I am also in favor of a 2-3% income tax increase. We have too many homeless (men, women and children) that need help, as well as countless senior, and people with out basic medical care.
There are so many issues that need to be addressed and resolved and unfortunately they can not be resolved without more taxes. If not that then an alternative being that I am completely in favor of abolishing income tax all together and instituting a national sale tax ranging any where from 3 to 7% (the lower being for basic necessities such as food and basic appliances with the higher being towards luxury items such as jewlery, furniture and such) home purchases being exempt, and a 1/2 to 2%tax on vehicles depending on the fuel rating/consumption. Those that purchase gas guzzling motor homes and vehicles can pay the highter tax. The sales tax on vehicles can be used to help pay for road improvement as alternate fuel research.

Norm   March 24th, 2008 1:31 pm ET

Mine is going into savings..without doubt!

Darth Vadik, CA   March 24th, 2008 1:32 pm ET

OOHHHHH YEAHHHH,
WELL I NEVER!!!!!!

My 300 dollar rebate is going to Whiskey, Skotch, Gin and Pale Ale, the four cornerstones of what ailes me, a memory of George Bush.

Chipster   March 24th, 2008 1:33 pm ET

My tax rebated will just about cover the tax bill I just paid.

Jimmy Alderson in Atlanta   March 24th, 2008 1:37 pm ET

This just goes to show how our government has no ability to understand and plan these situations. Why not run one of these polls prior to actually making it happen, so you can determine whether or not we should give rebates of this much, more, or at all.

Darth Vadik, CA   March 24th, 2008 1:38 pm ET

Here is just a suggestion to the "free-marketeers" out there:

NOT EVERY ECONOMIC PROBLEM IS SOLVED BY "BUYING MORE",
HOW ABOUT SOME REGULATION OF THE PREDATORY COMPANIES WHO POLUTE OUR AIR, SOIL OUR WATERS, ROB US DRY, AND LAUGH ABOUT IT….

…but I guess this would make too much sense. Oh what do I know, I'm full of the four cornerstones of medicine from having to deal with Bush and his crazines, you know Whiskey, Scotch, Gin and Pale Ale.

But like I said, what do I know?

Fed up   March 24th, 2008 1:38 pm ET

This was a DUMB idea. We're in a recession, and alot of people have bills that they're having a hard time paying at the moment. What did they expect most people to do with those checks?

Then there's the 42 million dollars that they spent to send out that stupid letter to inform us that the checks were coming. Does anybody care about how mismanaged our government is anymore?

Chris, Toledo, OH   March 24th, 2008 1:40 pm ET

I would suggest that everyone burn their checks in protest of inflation, but the Federal Reserve would already have adjusted their unpublished M3, so it wouldn't matter.

nick   March 24th, 2008 1:51 pm ET

I'll buy $600 in oil futures!

Dan (west hartford, ct)   March 24th, 2008 1:52 pm ET

I agree. I'm not going to argue with getting money but I don't understand the logic that people in tough economic times are going to go blow this money on a new xbox or new carpets. I am going take the money and put it in my savings. Now I think people paying off bills and saving is not such a bad thing for the economy, but it doesn't seem like what bush had in mind for the money. If they wanted to fuel the economy, I think they should take those billions and invest in green energy… which would create jobs and protect against future economic downturns because of record highs in crude oil. I don't see 600 making a huge difference for any one person, but as a lump sum for developing technologies it could make a difference.

CHARLENE IN VA   March 24th, 2008 1:53 pm ET

i know i want be spending mine. i got bills to pay!

Jason C   March 24th, 2008 1:56 pm ET

As has been said before, I think a large portion of the rebate checks will get spent. You ask the average american "what will you do with this bonus amount of money". . . how many are going to honestly say "well i plan on frivolously spending all the cash away". . . most of them are going to say "I'm going to pay off bills and be fiscally intelligent". . . what people say and what people do many times turn out to be polar opposites

Brian   March 24th, 2008 1:57 pm ET

I'm donating to BarackObama.com - it's time to end the Bush/Clinton/Bush ruining of America. Speaking of taxes - where are Hillary's Tax Forms?

Dan (TX)   March 24th, 2008 1:58 pm ET

Imagine that! Americans are up to their eyeballs in debt. Those that aren't will use the rebates to purchase goods made in China.
Way to go! That'll really help American companies.

J Houston, TX   March 24th, 2008 1:58 pm ET

So 65% of filers will SPEND the money, whether on donations, bills, or purchases. Suddenly paying for financial expenses isn't really spending money? With this type of picture it's no wonder people don't think of loans as debt any more. Reducing debt has been at the forefront of discussion on how to better stabilize the economy. Hell, if those 41% use it to bring their mortgages back in line during a tough spot, that should mean a few billion dollars shot back into the mortgage industry…which is fretting over the same few billion dollars in write downs. Wouldn't this be the exact economic stimulus we need?

The only group not spending are the 32% And what percentage of those will put the money into retirement portfolios or the stock market? How on earth can giving people their money back be harmful? Would we rather the government bought another $10,000 toilet seat or hammer? Getting money to the consumer and out of corrupt bureaucracy sounds like a win to me. I sure as hell don't want it going to a Woodstock Museum.

Lee From Treasure Island Florida   March 24th, 2008 2:01 pm ET

The whole $600.00 check will go to pay down my second mortgage, I have been making double payments or as much as I can afford to get rid of it. I HAVE DREAM - no debt. Absolutely no extras will bought with this 'stimulate rebate check' of mine!

PA voter   March 24th, 2008 2:02 pm ET

I will be buying Euros with my rebate check.

Our dollar is only going to get weaker :(

We need HIllary!!!!!!!!

Tom Swift, Shopton   March 24th, 2008 2:02 pm ET

They didn't poll me… mines already spent. $3.799 gal. for 230 gals of heating oil & $60 to fill up my truck today pretty much wipes that out and then some…

The "Political Ticker" needs to start running stories on the oil situation. Don't think it's not "political"? Think again.

Jeanette bond   March 24th, 2008 2:03 pm ET

Times are tough right now and to get this extra money it would be stupid to spend it and not save it for bills or any other unexpected problems that may come up. I have a 2 year old an i'm getting out of the Navy so i won't have a steady pay check getting right out so i need to make sure that my little saving can hold me over until i find a good job.

Brian from Los Angeles   March 24th, 2008 2:05 pm ET

Let's face it, this will help whether the money is spent as intended on durable goods and services or on paying down debt people have incurred. Either way, it is a much more efficient way to spend our tax dollars then to give it to a pork barrel project for a Washington representative or Senator.

I would have preferred the government spendi the money on fixing the housing crisis by providing a safety net for financial institutes that are still wary of giving out mortgages to people that want to buy homes. With low interest rates and lower prices the demand is high for houses again. Once the banks begin to accept loan applications the housing crisis will turn the corner and inventories will start to shrink. Appraisal values of houses can then be better determined with confidence, which will further alleviate fears of banks worried that they are making loans for house that will turn out to not have the necessary collateral to secure a mortgage in one or two years of further house declines..

Ratgurl   March 24th, 2008 2:07 pm ET

I'll be spending mine…. on GAS!

bob   March 24th, 2008 2:12 pm ET

MIne will go in my gas tank and oil bill to pay for Bush's mistakes.

Arkansas Undertaker   March 24th, 2008 2:12 pm ET

I will be donating my entire rebate check to the OBAMA Campaign to get the Bushs and Clintons out of office permanently.

Its is not right that 2 Political Families dominate the American Government for over 20 years of the same CRAP!!!!!

Its time for a change! I love you Hillary, but NO THANK YOU! Move on and quit.

OBAMA/RICHARDSON 08
or OBAMA/McCASKILL 08

Sue, Michigan   March 24th, 2008 2:13 pm ET

Big surprise. We are among the few fiscally responsible people who own a mortgage we can easily pay off, have plenty of retirement savings, and have zero credit card debt. I still plan to put the check into a savings account, or into my granddaughter's college account. This was a dumb idea that was supposed to make us stupid Americans feel all warm and fuzzy about the Idiot-in-Chief. Guess again, George. 4000 dead Americans on top of multiple thousand innocents, on top of the 3500 Trade Center victims…it all adds up to a tragedy, and $600 will not make me feel anything but contempt for Washington.

MUDD   March 24th, 2008 2:14 pm ET

Mine is going to the 'Save our County - Stop Hillary Foundation'!

Matt, Manchester, CT   March 24th, 2008 2:16 pm ET

Where did they think the rebate checks were going to be spent other than to pay down bills?? Sallie Mae will get part of mine for student loans then the other will go to good old Uncle MasterCard!

Lynne   March 24th, 2008 2:18 pm ET

I am saving for my wedding and my $600 will go in a savings account for that purpose. But, I am unsure why I am doing that… the fed keeps lowering the interest rates, so any money I have in savings isn't earning much interest. Some 'stimulus.'

Independent-Latina-voter, Salt Lake City, UT   March 24th, 2008 2:25 pm ET

The story that the media is totally ignoring is that the majority of Americans are drowning in debt, not just credit card debt, but car loans, student loans, etc. The economy of our nation is in crisis, not just nationally BUT in the homes of our citizens.

Its a tragedy…….. just like Rome, the U.S. is doomed unless someone steps up and tells it like it is. We need to change the way we live, or we are doomed.

david   March 24th, 2008 2:26 pm ET

I'm sure many will use it to pay off credit cards. Let's face it, if you spend it the money is probably going to the Middle East (gas), Taiwan(toys), China(everything else) anyway.

OUT WITH BUSH

HILLARY 08

david   March 24th, 2008 2:27 pm ET

sure you are 'michael me'…a liar just like BO

GIVE YOUR REFUNDS TO THE HILLARY CAMPAIGN!!!

Dollar Dollar Bills Y'All   March 24th, 2008 2:27 pm ET

The problem with this is that you are not analyzing the entire economic situation, just the "simple plan" that the president laid out as his plan for what people should do with the money.

By 31% saying they would place the money into bank deposits, this would provide the banking industry a lot more flexibility in easing tyhe "credit crunch". Currently a number of banks are dealing with liquidity issues, where their loan portfolios greatly exceed the money they have in deposits. This means that they have to be more selective or cap the number of new loans they can make. By increasing deposits, it may ease the "credit crunch" that is currently being experienced.

While we all believe that people must spend money on consumer goods to turn things around, the reality is that there are a number of behind the scenes factors at play which could have a more significant impact on our economy…

Bob Stephens   March 24th, 2008 2:27 pm ET

I am going to use my to fill up my daughters SUV. That way , Bush's Saudi friends will get some more income, and they can buy more American Companies.

BG - Texas   March 24th, 2008 2:28 pm ET

I'm saving my $1,200 until November. If Obama get's elected I'll be taking all my money out of my bank and moving to Costa Rica!

Joe Horowitz   March 24th, 2008 2:29 pm ET

This poll confirms what many have been saying for months. The Treasury Dept. should IMMEDIATELY abandon the idea of sending the rebates in the form of checks. The money should be sent in the form of debit cards, based upon a use it or lose it concept (perhaps a 4 or 6 month time limit). That would provide the largest boost to the nation's overall economic activity.

Candi South Carolina   March 24th, 2008 2:32 pm ET

It the government is going to give free money as it seem, why should we give it back. Spend it anyway you want, I am sure if you drive to and from work the money is already spent in gas.

Joe   March 24th, 2008 2:33 pm ET

We won't even get a rebate…so there.

pwilson   March 24th, 2008 2:33 pm ET

Regardless of how you spend it be sure to save some, you will have to file it as income next yes!!! $600 is not going to change my life…

pwilson   March 24th, 2008 2:34 pm ET

Regardless of how you spend it be sure to save some, you will have to file it as income next year!!! $600 is not going to change my life…

Chris   March 24th, 2008 2:35 pm ET

I will spend it all right. To pay a credit card debt!!!
If the FEDS would get out of our payroll checks and stop double taxing us on April 15th, we would spend more money!!!

I mean it don't take a genius to figure out if you give me more money to take home, I will spend more!!!

woogie   March 24th, 2008 2:37 pm ET

Those who aren't in debt are too smart to waste the $600 on consumer goods from any country. They will most likely find a way to invest the money to come out ahead.

Those who are in debt will continue the way they have been going, spending themselves into the poor house. The $600 isn't going to solve their problems in the slightest.

In 2002 the average credit card debt in the US was $8500, that has climbed to $9300 in 2006. Not a pretty picture of the future for many Americans who continue to live to their maximum level of indebtedness as shown by the sub-prime mortgage fiasco.

Vote for Hillary   March 24th, 2008 2:39 pm ET

That will be a small portion of the pay raise I didn't get because the company I work for is being effected by the cost of fuel, etc….
George Bush you sure will be a memorable president…memorible for running this great country into the ground.
VOTE HILLARY FOR PRESIDENT

Anderson Imes   March 24th, 2008 2:41 pm ET

Debt here. I'd wager a sizable portion of those checks go to credit companies, banks, etc. I hope they appreciate it.

Nina   March 24th, 2008 2:43 pm ET

I will pay on my credit card debt. I'm sick of millionaires like Bush, telling me what to do with my money. They would pay off their debts if they were in the same place. But alas, those folks never have to worry about what everyday Americans worry about.

I'm still waiting for Republicans to apologize for putting that man in office in the first place.

Mike   March 24th, 2008 2:44 pm ET

This money was given to us to help the economy so therefore I am going to help the economy and spend my the money I get. I think most people will do this.

kathleen   March 24th, 2008 2:46 pm ET

That'll do it. Set the record straight on the Legacy of Bush!!!!!!!!
Yes, Mr. Bush, this will do the trick.

How much did we borrow from China for our "rebates"?
You should have taken the money from Cheney and Haliburton.
Or wonder what amount we would have got if it came from your
own pocket, Mr. Bush? For your legacy? Oh,, that is what this is
about?

California voter   March 24th, 2008 2:50 pm ET

Out of the $600 I am getting back, $345 will go to pay the taxes due to the IRS and $127 will pay the state taxes I owe. The rest will pay the accountant's fee for doing my tax return. Forget about extra money to spend. It's a good way to help people pay the balance due on their income tax returns.

PJ, New York   March 24th, 2008 2:53 pm ET

michael me, you're a moron.

David, Ventura CA   March 24th, 2008 2:53 pm ET

i'm going to put it in da bank!

Michael   March 24th, 2008 2:53 pm ET

um duh

Jack   March 24th, 2008 2:53 pm ET

I'll be using my rebate check to pay for gas. I can't wait until we get a President that isn't connected to his Texas oil buddies anymore. It's time for an investigation in to how the oil companies continue to post billion dollar profits while oil prices continue to rise.

gary   March 24th, 2008 2:53 pm ET

WOW. The Government must think that is going to pay back all the dis trust and countrie,s problems. Back in the 60s it might of been alot of money.Now days $100.00 is like $10.00 . We need HRC to bring real good changes in this country ,like Bill did in the 90s. Go HRC.

After further review,Texas   March 24th, 2008 2:54 pm ET

It was already your money,now they can tax it again.

TheLeftNut   March 24th, 2008 2:56 pm ET

Obama OR Clinton Supporters

Let's talk about who's "electable". Right now, Democrats in the middle (of Clinton and Obama) are really disgusted with the "extreme" Obama and Clinton supporters.

If McBush wins in November then "Obama never Clinton" and "Clinton never Obama" supporters that won't vote for "the other" candidate have only yourselves to blame.

txpoodoo   March 24th, 2008 2:57 pm ET

Should have done the debit cards like the "smart" people wanted them to. Once again, government proves it "knows" better than anyone else.

Janet from Ohio   March 24th, 2008 2:57 pm ET

Too little, too late. I'll be spending it on gas, groceries and medical bills.

Vernon Grafton ohio   March 24th, 2008 2:58 pm ET

Give us money and we spend it to fix the economy .
Reminds me of a get rich quick scheme i ran across in the eightys. You were told to spend money to appear successful. It did not work then and this will not work now.

Alan in Fla., don't count my vote   March 24th, 2008 2:58 pm ET

I am going to buy Euro's with mine…

melchg   March 24th, 2008 2:58 pm ET

Fed up-

I'm with you on that one…what a joke…mailing us letters to inform us of the money we'd get anyway….a figgin jok…..$42 million that could have been used elsewhere……

sozzi   March 24th, 2008 2:59 pm ET

CNN, is free advertising for the Hillary campaign. The Federal Election Board should investigate CNN for the free Clinton advertising.

gary   March 24th, 2008 2:59 pm ET

To the ones that want to give it to your God Obama, why dont you just bend over too. Give me a break

scott   March 24th, 2008 3:02 pm ET

I was just wondering how much the print job cost for the flyer that they sent out to tell us were getting a rebate. and the stamps to send it . More money wisly spent

Hannah - Kentucky   March 24th, 2008 3:03 pm ET

Why don't they just pump the $400 billion dollar oil profit back into our pockets?

fred   March 24th, 2008 3:03 pm ET

The majority of people will use it to pay bills and buy food and gas!!!

Janet, Arizona   March 24th, 2008 3:04 pm ET

How on earth can giving people their money back be harmful?

J Houston, TX

Well, here's the thing, the money they are "giving" us is not just sitting around. Our government had to borrow yet more money in order to "give" us money. What a crock !! Here's a real stimulus package. Use the borrowed money to start a single-payer health care system !! If I didn't have to pay $6,000 a year in health insurance, I might have some extra money to spend !!

Rob   March 24th, 2008 3:05 pm ET

The only thing you are getting is an advance on next years tax return. So whatever you get now will be taken out later. We're robbing Peter to pay Paul.

Медведев   March 24th, 2008 3:13 pm ET

I agree 100% with Michael Me and Brian, I'm spending the whole wad on Obama, $600 contibution to his campaign. You've more than earned it, my friend. I urge all of you to make some kind of contribution to this great man's legacy. Obama is change I can beleive in.

John D   March 24th, 2008 3:16 pm ET

I'm using the money to add a 16 x 16 sunroom to my home. Hopefully this 1200.00 will triple in a couple of years, if I can ever get what my home is worth.
Hey if 600.00 is going to make a difference, make it a 1000.00 or even 10,000.00

MISS H   March 24th, 2008 3:18 pm ET

Mike, that is under Hillary's plan, not Obama's. She is the one with the mandatory insurance. He is trying to make it cheaper. Get it right before you try to make a joke.

laurie   March 24th, 2008 3:21 pm ET

PA voter, I was considering doing the same with mine - buying Euros. But then I realized…my rebate will buy me like, what? Five Euros? *bada-ching*

YES.

WE NEED HILLARY!

dave   March 24th, 2008 3:27 pm ET

Some of us wont even get the $600 rebate check - and we pay majority of tax. The rebate check is unfair for those of us that live in high cost of living state

Bukky, Baltimore   March 24th, 2008 3:30 pm ET

Gas

Shana   March 24th, 2008 3:38 pm ET

Mine will go into the bank, although, like Chipster stated above, it will "just about cover the tax bill I just paid."

TaxPayerSickOfIt   March 24th, 2008 4:28 pm ET

Wait everyone, don´t spend it too fast…remember me when you file your 2008 tax return….whoever mentioned buying euros, by the time your check arrives in your mail box your rebate check will not even be enough to buy a couple of them.

xtina   March 24th, 2008 4:31 pm ET

That's our money the government is so generously "giving" us! Why don't they just make the tax cuts permanent - or for that matter reduce our withholding taxes another few percentage points?

xtina   March 24th, 2008 4:32 pm ET

p.s. blogger Laurie thinks we "need Hillary". I believe Hillary wants even more out of our paychecks in taxes. How is that an improvement?>

Michael d Smith   March 24th, 2008 4:39 pm ET

Im planning on paying my 2007 taxes!

Comments have been closed for this article

subscribe RSS Icon
About The Ticker

The latest political news from CNN's Best Political Team, with campaign coverage, 24-7. Sign up for our twice daily Ticker emails. Got a news tip or feedback? For complete political coverage, bookmark CNNPolitics.com.

CNN=Politics Screensaver

CNN=Politics ScreensaverTap into the power of The Situation Room. Download this powerful new tool that keeps you posted on the latest political news from the campaign trail.
Download (4.1 MB, PC only)

Follow us on Twitter

CNN on TwitterGet Ticker updates the moment they appear online via the Web, SMS, or instant messages.
Follow politicalticker

Categories
CNN Comment Policy: CNN encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNN makes reasonable efforts to review all comments prior to posting and CNN may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNN the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNN Privacy Statement.
Home  |  World  |  U.S.  |  Politics  |  Entertainment  |  Health  |  Tech  |  Travel  |  Living  |  Business  |  Sports  |  Time.com
Podcasts  |  Blogs  |  CNN Mobile  |  Preferences |  Email Alerts  |  CNN Radio  |  CNN Shop  |  Site Map
© 2008 Cable News Network LP, LLLP. A Time Warner Company. All Rights Reserved.
Powered by WordPress.com