The Tax Cuts and Jobs Act eliminated the personal exemption
and raised the standard deduction to help simplify the federal tax code, said Governor Ricketts.
IRC section 642(b) extends personal exemptions
to estates and trusts; therefore, the personal exemption
remains deductible by an estate ($600) and trust ($100 or $300).
The personal exemption
, which has been part of the tax code (Section 151) and has existed in some form since 1862, has been eliminated.
1) Increased the basic personal exemption
from P20,000 for a single individual, P25,000 for a head of a family, and P32,000 for a married individual to P50,000 for each individual, whether single, head of a family, or married.
: The personal exemption
amount for single, separate and head of household taxpayers increased from $108 to $109 for the 2015 tax year.
The first bracket after the standard deduction and personal exemption
is 10 percent.
The court heard the judges' detention case Monday and accepted his plea for personal exemption
of appearance for today's hearing.
PHASEOUT OF PERSONAL EXEMPTION
AND ITEMIZED DEDUCTIONS
The Ministry of Finance will put into effect the amendments to the income tax law, including increasing the limit for personal exemption
from EGP 4,000 to 7,000 annually
The first has been referred to as the PEP, or personal exemption
reductions: Reinstated were limitations on itemized deductions and personal exemptions
for taxpayers with taxable incomes greater than $250,000 ($300,000 for married couples).
There is also the revival of the "Pease" limitation on itemized deductions and the personal exemption
phase-out for taxpayers whose taxable income exceeds $250,000 for single taxpayers and $300,000 for married taxpayers.