The American Recovery and Reinvestment Act was signed into law by President Obama on February 21, 2009. The law had three main goals, all aimed at stimulating the stagnant U.S. economy. The first objective was to create new jobs and save existing ones through tax credits for hiring new employees. The second goal was to stimulate economic activity and investment in long-term growth by increasing the amount of business assets that could be acquired by companies, while allowing immediate deductions for the cost of assets and numerous tax credits for individuals and businesses. The third goal was to promote unprecedented levels of accountability and transparency in government spending by requiring recipients of Recovery Act funds to post recognition on the Recovery.gov website. The total cost of the Recovery Act to U.S. taxpayers was $787 billion. The bill itself was created with the belief that increased spending at the federal level would create and save jobs during recessions. More specifically, the purpose of the bill was to create jobs, reduce the unemployment rate, stimulate the economy, improve the quality of schools, and improve the quality and efficiency of daily life. The funds provided by the law are as follows: 81 billion dollars for the protection of vulnerable subjects, 43 billion dollars for energy, 59 billion dollars for health care, 144 billion dollars for state budget relief, 8 billion dollars for other needs, $111 billion for infrastructure and science, $53 billion in education and job training, and most $288 billion in the form of tax relief through the use of tax credits and increased of company deductions. The largest component of the bill was the $288 billion set aside for tax cuts. Companies like w...... middle of paper......,id=204447,00.htmlInternal Revenue Service, (2011). Arra and the Earned Income Tax Credit Retrieved from http://www.irs.gov/newsroom/article/0,,id=205666,00.htmlInternal Revenue Service, (2011). Energy Incentives for Individuals in the American Recovery and Reinvestment Act Retrieved from http://www.irs.gov/newsroom/article/0,,id=206875,00.htmlInternal Revenue Service, (2011). Credit for purchasing a first home Retrieved from http://www.irs.gov/newsroom/article/0,,id=204671,00.htmlThe tax credit for paying for work. (2011, June 17). Retrieved from http://www.irs.gov/newsroom/article/0,,id=204447,00.htmlRecovery.gov tracks money. (n.d.). Retrieved from http://www.recovery.gov/FAQ/Pages/ForCitizens.aspxRecipient-reported rewards map. (2011, June 22). Retrieved from http://www.recovery.gov/Transparency/RecipientReportedData/Pages/RecipientReportedDataMap.aspx