Did the 2001 Tax Rebate Stimulate Spending? Evidence from Taxpayer Surveys

Matthew D. Shapiro · Joel Slemrod

91 citations0/0 files storedTax Policy and the Economy

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Economic and Fiscal Studies Taxation and Compliance Studies Fiscal Policy and Economic Growth

Abstract

Many households received rebate checks in 2001 as advanced payments of the benefit of the new 10 percent federal income tax bracket. A survey conducted at the time the rebates were mailed finds that few households said that the rebate led them mostly to increase spending. A follow-up survey in 2002 as well as a similar survey conducted after the attacks of 9/11 also indicates low spending rates. This paper investigates the robustness of these survey responses and evaluates whether such surveys are useful for policy evaluation. It also draws lessons from the surveys for macroeconomic analysis of the tax rebate.

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1999The Reaction of Household Consumption to Predictable Changes in Social Security Taxes 2003Consumer Response to Tax Rebates 1993Consumer Response to the Timing of Income: Evidence from a Change in Tax Withholding 2002Consumer response to the Reagan tax cuts 1999Perspectives on the Household Saving Rate 1978Temporary Income Taxes and Consumer Spending 1977Is a Tax Rebate an Effective Tool for Stabilization Policy?1969Consumer Response to Income Increases.

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