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April 16th, 2009

How Are You Spending Your Tax Refund?

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According to a recent Associated Press-GfK poll, 37% of those surveyed said they plan on spending this year’s tax refund on paying down their debt, as opposed to only 24% who said the same last year.

The president hopes that, out of the over $300 billion in refund checks the IRS will pay out this year, a portion will be spent on stimulating the economy:

In previous years, tax refunds have helped increase retail sales in March, April and May by 12 percent to 20 percent over sales in February, Internal Revenue Service Commissioner Doug Shulman said Monday.

“The tax filing season is its own stimulus to the economy,” Shulman said in a speech at the National Press Club. “It helps kick off the spring shopping season and can help kick start the economy.”

Unfortunately, the majority of this year’s refunds, much like last years stimulus checks, are expected to be spent on the necessities as well as paying off debt.

A surprising poll result found that this year more Americans plan to use their refund checks towards a vacation than they did last year.

How do you plan on spending this year’s tax refund?

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2 Responses to “How Are You Spending Your Tax Refund?”

  1. Laura Says: January 22nd, 2010 at 8:27 pm

    Well are these people sure they have sized up what they are getting for a tax return? Well having a child on her way to college and needing to apply for FSFSA I made a diligent try at getting my taxes done early, only to learn that because of Obamas cut in the Federal tax to us, giving us $13.00 dollars more in our paychecks is now costing me in havint to pay $1,3500.00 in income tax.I AM NOT HAPPY. I am a single parent, have always received a refund when a Republican was in office. $13.00 dollars a week, my paycheck looked the same. But NOOOO now I owe the gov that money….Wake up America, they are taking hard working people and making them pay twice as much now and telling us that they are “giving” us more in our paychecks. They have taken the little money I have saved to pay my taxes! I now have nothing. We need to get the democrates out of office now.

  2. Tim Manni Says: January 23rd, 2010 at 11:22 am

    Hey Laura,

    Frustrating isn’t it! Believe me, I’m not looking forward to tax time.

    Thanks for commenting. Even though this story was written about a year ago, it has reminded me that tax time is coming and we should probably begin to write on the subject.

    Please visit us again soon,

    Tim

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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