Are You Economically Stimulated Yet

This just reported today by several major national new groups, and news wire services. The Internal Revenue Service has mistakenly forgotten to mail or direct deposit the extra $300 Child tax credit promised by their Economic Stimulus Rebate Package. Some 350,000 households that have received their checks have reported the shortage that was promised to them. Another 150,000 households and individuals rebates were deposited in the wrong bank accounts. It's a several million dollar mistake that is going to fuel further distrust from American tax payers.

Over the next few days hundreds of thousands of Americans who have been eagerly expecting the much needed refund to relieve their already strained house hold budgets are going to be disappointed. Several thousand more are going to be surprised by the error when they check their bank account statements and find a rather large deposit they were not expecting. This error will only follow with more disappointment when the surprise funds are quickly withdrawn from the hopeful recipient's accounts.

What is unknown to most of the tax payers is that this economic stimulus rebate is hardly a rebate or refund at all. Those with a keen eye for detail should read the fine print in the Economic Stimulus Tax Package Law that Congress and the IRS were so eager to push through to get George Bush's approval. It not a rebate but an advance on your 2008 end of year refund; once again in 2009 when millions of Americans will be expecting their hard earned 2008 tax refund they will find out that they are receiving slightly less due to this Stimulus package being sent out over the past couple of months.

So to the wise tax refund recipients I advise instead of spending the bulk of your rebate check, you should stick it in a savings account until 2009 to avoid the possibility of having to pay in taxes to the Federal Government. I know this will be hard for the majority of Americans since we are all almost neck deep in debit due to the rising gas prices and inflation caused by past and recent fuel hikes.

So in closing I ask this question to my fellow American Tax Payers.

Are you Economically Stimulated Yet?