The recent economic stimulus package signed by President Barack Obama will provide tax breaks and deductions for many Americans in the 2009 tax year.

The package is called The American Recovery and Reinvestment Act and it will be the largest recovery package in our country’s history. The cost of the package is expected to cost over $800 billion dollars.

The main objective of this package is to increase consumer consumption, investments, and spending. The government is hoping by putting money out there for consumers and businesses they will in turn spend and consume more. This will increase our demand for items and provide the economy with a much needed boost.

Here are a few of the ways this package is expected to help our economy:

• A large part of the package will be spent on repairing many of our nations, roads, bridges, and public transportation systems.
• Increase the amount of college grants to allow more people to receive higher education.
• Provide funding for renewable energy and “green building”.
• Revamping our health care billing system to save money in high health care expenses.
• Create over 3 million new jobs
• Provide a payroll tax credit. This credit could provide you almost $700.00 more in annual earnings.
• An increase in unemployment benefits. This could provide almost $25.00 more weekly in your unemployment benefits.
• Provide new tax credits for college students, low-income families, retirees, families with children, unemployed workers and many more.

• To learn more about all the details of the stimulus package and the tax credits you may be eligible for, visit TurboTax Online. TurboTax Online offers all of the up-to-date information for new tax stimulus deductions and credits.