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Pease Fine

Topic closed. 15 replies. Last post 10 months ago by Think.

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Think's avatar - lightbulb
Thread Starter
Marquette, MI
United States
Member #20541
August 20, 2005
733 Posts
Posted: July 12, 2016, 12:09 pm - IP Logged

"In addition to a series of tax rate increases, 2013 also brought back a more subtle tax increase for high income earners:  the Pease limitation on itemized deductions. This provision, named after the late Congressman Donald Pease, reduces the value of itemized deductions for high income taxpayers. It works by reducing the value of a taxpayer’s itemized deductions by 3 percent for every dollar of taxable income above a certain threshold ($254,200 single; $305,050 married). The phase-out of the value of itemized deductions is capped at 80 percent of the total value of itemized deductions."

Apparently Gruber was right, not many people understand the concept of substance over form.

Call it what you want but a fine by any other name is still a fine!

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