Specific Monetary Exemptions
Some jurisdictions allow for a specific monetary reduction of the tax base, which may be referred to as an exemption. For example, the U.S. Federal and many state tax systems allow a deduction of a specified dollar amount for each of several categories of "personal exemptions." Similar amounts may be called "personal allowances." Some systems may provide thresholds at which such exemptions or allowances are phased out or removed.
Read more about this topic: Tax Exemption
Famous quotes containing the words specific and/or monetary:
“The permanence of all books is fixed by no effort friendly or hostile, but by their own specific gravity, or the intrinsic importance of their contents to the constant mind of man.”
—Ralph Waldo Emerson (1803–1882)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)