Tax Report
Wall Street Journal (04/25/02) p.D2; Herman, Tom

According to the Internal Revenue Service, about 6 million taxpayers were hit by the Pease tax levy in 2000. Although Pease and the personal exemption for upper-income filers, or Pep, will be gradually phased out, they will not be eliminated until 2010. Until then, those taxpayers whose annual adjusted gross income is above a certain threshold will be forced to limit their deductions and pay more in taxes.


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