Tax Legislation
Pease was responsible for creating legislation within the United States Internal Revenue Code (tax code) whereby taxpayers who made excess amounts of adjusted gross income would lose(proportionally) their itemized deductions. Known as the "Pease Limitations", this legislation was controversial.
Read more about this topic: Don Pease
Famous quotes containing the words tax and/or legislation:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“The wise know that foolish legislation is a rope of sand, which perishes in the twisting.”
—Ralph Waldo Emerson (1803–1882)