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Mr. Venizelos thus carved out a big exemption for the only people who could afford to pay the tax: the rich.
The AMT differs from the regular tax code in that it has one big exemption.
So this big exemption you have with the AMT matters a lot".
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The paper found, unsurprisingly, that big exemptions made it harder for firms to borrow: after controlling for other variables, companies in states with unlimited exemptions were roughly 30% more likely to be denied credit than firms in the states with low exemptions.Is that enough to stifle the entrepreneurial spirit?
In late July of that year, the Electronic Frontier Foundation announced on its blog that it had won three big exemptions to the DMCA.
But you'd need to close a lot of loopholes to close a $3 trillion gap; for example, even completely eliminating one of the biggest exemptions, the mortgage interest deduction, wouldn't come close.
As a result of the higher level, the House estimates that 86percentt of small businesses would be exempt from the mandate -- which some say is too big an exemption.
Instead of providing a big universal exemption, Congress has created a grab bag of family-friendly-sounding tax goodies, almost all with income-based clawbacks.
That is a clear improvement, but there is a big hole: exemptions for the Legislature's lawyers, including Mr. Silver, who would not be required to list clients.
In a report last month, the Democratic staff on the House Financial Services Committee slammed federal regulators for routinely granting big banks exemptions from rules designed to penalize misconduct.
The debate in Congress has focused for too long on weak versions of the Employment Non-Discrimination Act (ENDA), which only covers employment decisions and now has such a big religious-exemption loophole that many activists no longer support the bill.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com