Stop Legislative Automatic Spending Hikes (SLASH) Act of 2008 - Requires: (1) the Director of the Office of Management and Budget (OMB) to report to Congress on all agencies and programs that received ineffective ratings or three consecutive annual adequate ratings under the Government Performance and Results Act of 1993; (2) the termination of such agencies and programs unless continued by statute; (3) the transfer of the functions of such terminated agencies and programs to other appropriate agencies; and (4) an annual OMB estimate of the savings under this Act.
Amends the Internal Revenue Code to grant tax rebates to individual taxpayers from the amounts saved by the termination of ineffective agencies and programs under this Act.