单词 | exemption phaseout |
释义 | exemption phaseoutDefinition A formula in the U.S. tax code that reduces the value of exemptions and deductions that can be claimed by high-income taxpayers based on income thresholds and their filing status. The phaseout reduces the value of each exemption by 2% for each $2,500 of income that exceeds the income thresholds. |
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