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Latest revision as of 07:46, 15 August 2026


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A personal exemption reduces your taxable income so you wind up paying lower taxes. You could be even luckier if the exemption brings you any lower tax bracket. For the year 2010 it is $3650 per person, just like last year's amount. That year 2008, the number of was $3,500. It is indexed yearly for augmentation.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some in the changes passed in the 2001 EGTRRA.

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