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CNN Live At Daybreak

Taxpayers' Refund Checks May Jump 27 Percent

Aired November 14, 2003 - 06:44   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. You may be getting a bigger refund from the U.S. government next year.
Carrie Lee has the story live from the Nasdaq market site.

Take it away -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Always a good thing when you get more money in your pocket, Carol. "USA Today" reporting that taxpayer refund checks will increase nearly 27 percent to an average of $2,500 per family early next year. This according to new forecasts from tax experts and economists. Also, as a result of the 2003 tax cuts, about eight million families who did not receive refunds this year will receive them in 2004. This according to Pets (ph) Enterprises.

Now this is obviously a good thing for taxpayers, you get more money, you have more money to spend. It's also good for the economy, because consumer spending, the things that people buy, actually drives two-thirds of our economy. So it's always a good thing when people spend more money.

Could also be a good thing for President Bush, an improving economy could aid his reelection hopes. Also hurt Democratic criticism of job losses and economic weakness during his tenure.

And then finally, Carol, the "New York Times" is reporting that Bush administration officials say they are looking at plans to simplify the tax code. We always hear about that, a lot of people wish for it, we'll see if that happens, not sure.

COSTELLO: Yes, and it never happens, yes.

Carrie Lee, live from the Nasdaq market site, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired November 14, 2003 - 06:44   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. You may be getting a bigger refund from the U.S. government next year.
Carrie Lee has the story live from the Nasdaq market site.

Take it away -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Always a good thing when you get more money in your pocket, Carol. "USA Today" reporting that taxpayer refund checks will increase nearly 27 percent to an average of $2,500 per family early next year. This according to new forecasts from tax experts and economists. Also, as a result of the 2003 tax cuts, about eight million families who did not receive refunds this year will receive them in 2004. This according to Pets (ph) Enterprises.

Now this is obviously a good thing for taxpayers, you get more money, you have more money to spend. It's also good for the economy, because consumer spending, the things that people buy, actually drives two-thirds of our economy. So it's always a good thing when people spend more money.

Could also be a good thing for President Bush, an improving economy could aid his reelection hopes. Also hurt Democratic criticism of job losses and economic weakness during his tenure.

And then finally, Carol, the "New York Times" is reporting that Bush administration officials say they are looking at plans to simplify the tax code. We always hear about that, a lot of people wish for it, we'll see if that happens, not sure.

COSTELLO: Yes, and it never happens, yes.

Carrie Lee, live from the Nasdaq market site, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com