Tax Recovery Act
Congress passed the American Recovery and Reinvestment Act in 2009 and it was signed into law by President Barack Obama. This bill serves the purpose of creating new jobs, encouraging economic activity, and promoting governmental accountability with the spending of tax funds.
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Recovery Process
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There are certain goals that must be accomplished using the American Recovery and Reinvestment Act. These goals include providing $288 billion in tax cuts for families and businesses, increasing federal funds for education and health care, accountability for fund recipients, and the availability of $275 billion for contracts, grants and loans.
Other Benefits
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Infrastructure development and enhancement is also another part of the Tax Recovery Act. Other benefits of the act include investing in domestic renewable energy, weatherizing 75 percent of federal structures and 1 million private homes. Broadband and wireless services is another industry that will benefit from the act.
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Policy and Guidance
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Policy and guidance is offered to federal agencies by the Office of Management and Budget who publishes guidance materials on how they should spend the funds. There is also a Council of Economic Advisers that issues reports to the president about the impact that tax recovery spending is making on the economy.
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