The added stimulus to the economy came mostly from falling taxes and rising transfer payments due to the Economic Stimulus Act
of 2008 and the American Recovery and Reinvestment Act of 2009.
In response, Congress passed two major stimulus bills, the Economic Stimulus Act
of 2008 (ESA) and the American Recovery and Reinvestment Act of 2009 (ARRA), to increase federal government spending and lower taxation.
But the Great Recession spawned tax rebates and cuts under the Economic Stimulus Act
of 2008 and the American Recovery and Reinvestment Act of 2009; these boosted median post-tax income by 2.0 percentage points.
The first response to the financial crisis, the Economic Stimulus Act
of 2008, focused on providing various tax incentives.
government spent in the initial 2008 Economic Stimulus Act
. Much of that money was likely skimmed from government accounts, public works projects, taken as bribes, or collected illegally and directly from citizens.
Bush rebated $300 to "needy" taxpayers through his Economic Stimulus Act
The first US stimulus package, Economic Stimulus Act
of2008, is said to have had a positive effect on consumption and investment during the first quarter of 2008, and helped to soften the downturn in economic growth in the US (see, among others, Sahm, Shapiro and Slemrod 2009).
The result of the coalition's activities to date includes the New Jersey Economic Stimulus Act
of 2009, Zangari reported, a multi-faceted legislative effort that includes the Economic Redevelopment Growth Grant (ERGG) program, which provides tax increment financing; a moratorium on the affordable housing fee for certain nonresidential projects; an expanded Urban Transit Hub Tax Credit program; and a new tax credit for developers of residential projects in urban transit hubs.
As part of the federal economic stimulus act
, Congress charged the department with providing loan guarantees to renewable projects and authorized the U.S.
Information about various federal economic recovery programs, including the American Recovery and Reinvestment Act of 2009 and the Economic Stimulus Act
of 2008, and their effect on BEA statistics is now available on the BEA Web site.
Collections will also be reduced by accelerated depreciation provisions included in the federal Economic Stimulus Act
of 2008, which became effective in the spring of 2008.