Tax Policy Center The president pushed for and Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the largest tax cut in two decades.

This was the one initial priority of his administration.

As this extremely complicated bill is further analysed it is clear it cannot survive. 35 million people will be subject to the alternative minimum tax and will lose most or all benefits of the tax cut. Probably a 100 million will have to use the additional tax form calculations to see if they affect them. Additionally lower income households will face increasing complexity because of refundable child tax credit. The only people who clearly benefit from the new tax code make over $1,000,000 a year. And they benefit in a big way.

This tax cut bill is not going to last even without it destroying the balanced budget.