2010 Economic Stimulus Act

Otherwise known as The American Recovery and Reinvestment Act of 2009. This act was signed in to law by President Barack Obama on February 17, 2009.

The economic stimulus act was mainly developed by President Obama to stimulate our poor economy. It is the largest stimulus plan of its kind in US History and totals more than $800 billion dollars in spending and tax cuts. Essentially all Americans should feel some type of relief from this act whether it be from more money in their paycheck or from more high paying jobs that are available.

The government is hoping to provide more than 3 million new jobs with this plan.

This act will include several federal tax breaks, increase in unemployment benefits, health care improvements, and a large amount of funding for schools and infrastructure. The largest amount of money will go to tax relief in the form of credits and deductions for both individuals and businesses. $288 billion has been set aside for tax relief.

Many people have heard a lot about the tax credit that we will receive but there are some lesser known parts of this act that intend to have a long term effect on our economy.

There is money set aside to study the necessity of medical treatments and how this might affect the high cost of health care. It will also provide funding for scientific research. The United States Department of Energy will receive more than $2 billion to continue research to provide us with more energy efficient technology.

To learn more about the 2009 Economic Stimulus Act,
visit TurboTax Online. TurboTax Online provides you with all of the up-to-date tax changes.