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Thursday, April 16, 2009

Tax Refunds Give Boost to Consumer Spending
Story from the Wall Street Journal

WASHINGTON -- Individual federal tax refunds are way up this year, helping to buttress consumer spending amid the recession. But the refund-fueled boost could wear off within a few weeks, posing a challenge to recovery.

tax refund cruise specialsInternal Revenue Service data show that through April 3, total individual refunds were up by about 15%, to $210 billion, from $183 billion at the same point last year. That extra money in consumers' pockets -- coupled with a drop in gasoline prices -- has helped keep consumer spending surprisingly healthy in recent weeks, economists say.

But the refund effect is probably going to begin petering out sometime in May. Many taxpayers file for refunds early, with a big spike in February. Much of that money already is working its way through the economy.

Consumer spending will be "temporarily lifted by robust tax refunds,".

Beyond tax refunds, household budgets will also be helped by the tax credit in Mr. Obama's stimulus bill, which means reduced tax withholdings for many middle-class workers. That money will continue being paid out through 2010. The txt refund in 2009 could add more than 2% to disposable personal income.
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