The federal government will begin distributing the first economic stimulus rebates on Monday, four days ahead of schedule, President Bush announced today.
The rebates, part of the Economic Stimulus Act of 2008, can amount to as much as $600 for a single person or $1,200 for a married couple. "On Monday, the Treasury Department will begin delivering the first of these tax rebates by direct deposit," President Bush stated during today's announcement. "During the first week alone nearly 7.7 million Americans will receive their tax rebates electronically. Then on May 9th, the IRS will begin mailing checks to millions more across America." Forbes reports that by the end of May, the first $50 billion of the economic stimulus package should be in taxpayers' bank accounts, and by July $110 billion will have been disbursed.