WHERE THE MONEY WENT WHERE THE MONEY WENT Tax cuts account for nearly 30% of the money spent through March under last year's $862 billion economic stimulus law.

Category Amount spent in billions, Jan.- March 2010 Spent since Feb. 2009 Individual tax cuts $44.8 $101.1 Aid to states $16.2 $75.5 Aid to individuals $17.5 $75 Government projects $16.3 $55 Business tax incentives $7.2 $40.5 Alternative minimum tax relief $10.4 $26.3 TOTAL $112.4 $373.4

Source: White House Council of Economic Advisers JOIN THE CONVERSATION JOIN THE CONVERSATION Track the latest news about President Obama's administration with The Oval



READ THE LATEST POSTS READ THE LATEST POSTS Read all posts WASHINGTON  Last winter's economic stimulus law has put billions of dollars into taxpayers' pockets and the economy this spring, the White House plans to say in a report out today from the Council of Economic Advisers The report, coming a day before the April 15 tax deadline, says the law has delivered more than $200 billion in tax relief and other direct benefits, mostly to middle- and lower-income families. More than $70 billion was paid in the past three months. The $862 billion stimulus law, signed by President Obama in February 2009, included tax breaks for dependent children, college education, first homes, new vehicles, even unemployment benefits. The costliest was a $400 "Making Work Pay" tax credit for individuals and $800 for couples. The credit begins to be phased out at $75,000 for individuals and $150,000 for couples. LAST-MINUTE: Get tax tips, help FEDERAL INCOME TAX: Almost half don't pay TAX SEASON: Spawns Internet spammer scams Millions of workers received the tax credit in 2009 through lower payroll tax withholding, which made it largely invisible. Others are receiving part or all of it in the form of tax refunds or a lower tax liability. Internal Revenue Service figures show the average tax refund this year is nearly $3,000, or 9.4% larger than last year's. The White House report says the tax breaks might not have been noticed, but they were largely spent — which was the idea. As a result, it says, they helped prop up household disposable income and consumer spending during the recession. Christina Romer, who chairs the Council of Economic Advisers, lauded the stimulus law's impact. "If Republicans want to debate me on whether tax cuts have an impact, I'd be very happy to have that debate," she said. "We think they absolutely have been effective." Republican lawmakers and leaders of anti-tax groups today will protest what they say are looming tax increases — in the health care law President Obama signed last month and in his budget, which would eliminate tax cuts for upper-income taxpayers passed in 2001 and 2003. The stimulus law "only looks at one piece of the puzzle," said Ryan Ellis of Americans for Tax Reform, which will be joined by Sen. Orrin Hatch, R-Utah, and several GOP House members at today's event. Ellis cited tax increases in the health law for people who refuse to get insurance, as well as higher thresholds for deducting medical expenses. Several experts said the tax cuts had the desired effect because they were received through paychecks. "It gets frittered away, which is really what you want done. You want the money spent," said Bob Williams of the non-partisan Tax Policy Center. When rebate checks went out in 2008, he said, about a third of the money was saved. The report says 2.2 million to 2.8 million jobs have been saved or created through March. Some private forecasters, including Mark Zandi of Moody's Economy.com, put the figure lower: 1.5 million to 1.9 million. "The discrepancies are becoming more apparent," Zandi says. He projects the stimulus will ultimately save or create 2.5 million jobs; the White House says 3.5 million. The surge in tax cuts propelled the stimulus law to its biggest three-month impact. A total of $112 billion in stimulus funds was spent in the first three months of the year, up from $83 billion in the last quarter of 2009. Total spending reached $373 billion, short of the halfway mark for the two-year package. We've updated the Conversation Guidelines. Changes include a brief review of the moderation process and an explanation on how to use the "Report Abuse" button. Read more