H.R. 5257 · 109th Congress
Tax Cut for the Rest of Us Act of 2006
- Stage
- In committee
- Sponsor
- Bob Filner
- Introduced
- 2006-05-02
- Latest action
- 2006-05-02 · Introduced in House
Summary
Tax Cut for the Rest of Us Act of 2006 - Amends the Internal Revenue Code to allow individual taxpayers who do not itemize tax deductions a $2,000 refundable tax credit, adjusted for inflation. Allows additional credit amounts of $2,000 for the taxpayer's spouse and $1,000 for each qualified dependent. Requires the basic standard deduction and the personal exemption amount for a taxpayer allowed such credit to be zero for that taxable year. Disallows such credit to an individual for whom a taxpayer is allowed a deduction as a dependent.