That act also doubled the personal exemption, which benefitted the more moderate income workers the most.
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However, single filers retained the full personal exemption and standard deduction, unlike married filers.
That act also doubled the personal exemption, shielding more income from taxation for everybody.
That Act also cut taxes on the middle class by doubling the personal exemption.
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They often avoid the 3.8% tax, the Pease limit and the Personal Exemption Phaseout as well.
The Pease and PEP (personal exemption phaseout) restrictions on limitations were also extended.
To restore fairness to families, we will propose increasing significantly the personal exemption.
That is the point at which gross income begins to exceed the standard deduction and the deduction for the personal exemption.
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His playbook: lower rates for individuals and corporations, substantially cut taxes on capital, and increase the personal exemption for dependent children.
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The extra income will help her qualify as self-supporting, and she can then offset any tax by claiming a college credit and personal exemption.
You must also exclude net capital losses on a Schedule D, prior year NOLs and personal exemption amounts for yourself, your spouse and your dependents.
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Over the years, the personal exemption and standard deduction have not kept pace with inflation, so today 70% of the population is subject to income taxes.
They are quite inconsistent, for example, with the rules in my own state of Pennsylvania: we have no personal exemption and thus, taxpayers are subject to tax at the first dollar.
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Take dependency exemptions, personal exemption, the earned income credit, the child credit and a few other things and roll them, on a revenue neutral basis, into one single freely transferable credit for each person.
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With the top tax rate now over 40 percent (including the phase-outs of the personal exemption and itemized deductions), Congress may be reaching the limit of its ability to continue to raise rates without facing the law of diminishing returns.
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It begins with a 15% flat rate, but taxpayers who cross certain income thresholds owe more because of the 3.8% net investment income tax, the Pease limit and the Personal Exemption Phaseout, or PEP, a backdoor increase that limits personal exemptions.
In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).
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Menendez could have invoked what is known as a "friendship exemption" regarding the two personal trips, which would have required the senator to report the travel to the Senate Ethics Committee as a gift.
The most commonly used exemption (for withholding information) was "personal information", followed by "commercial interests" and "health and safety".
Some states, including Austria and Belgium, argued last week for an exemption for pension funds, while others asked whether forms of private investment such as personal savings also should be excluded.
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