December 13, 2010
In an article that discussed the benefits of the tax deal for the middle class the NYT told readers:
“And other provisions that benefit the middle class have gotten virtually no attention, including a temporary repeal of a limit on itemized deductions and repeal of the phaseout for personal exemptions. Together, those tax breaks will cost nearly $21 billion.”
The phaseout of the personal exemption only begins to kick in for couples with incomes over $250,000. This places them above 98 percent of the population in income.
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