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A personal exemption reduces your taxable income so you get paying lower taxes. You may well be even luckier if the exemption brings you a new lower tax bracket. For the year 2010 it is $3650 per person, identical to last year's amount. That year 2008, sum of was $3,500. It is indexed yearly for rising prices.

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

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