In President Obama’s payroll tax cut in 2011, the social security tax will decrease 2%. Assuming the average social security income in each family is $50,000, about the median family income, then the average tax cut for each family will be $50,000 x 2% = $1,000. If the average family size is four, then the total family in the U.S. should be equal to 300 millions / 4 = 75 millions. Then the total tax cut for all Americans will be $1,000 x 75 millions = $75 billions, the size about one half of the bush’s one time tax credit that came at $150 billions in early 2008.
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