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H.R. 5257 (109th): Tax Cut for the Rest of Us Act of 2006

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/2/2006--Introduced. 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.