How Are You Spending Your Tax Refund?by Tim Manni
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?