Contrary To President’s Claim, Large Majority of Americans Ultimately Will Lose From Tax Reconciliation Bill

Center on Budget and Policy Priorities, May 17, 2006:

Some 68 percent of all American households will receive no tax cut at all from the legislation, and the average tax cut for households in the middle fifth of the income distribution will be $20. While the $43,000 average tax cut that households with incomes over $1 million will get from the bill could have a significant impact on a family’s finances, it hardly seems that the loss of a $20 tax benefit would qualify as a disaster.