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Adjusted Gross Income
An individual's total gross income minus specific deductions, used to determine taxable income.
Itemized Deductions
Specific expenses listed on a taxpayer's return that can reduce taxable income, such as mortgage interest and medical expenses.
High-Income Taxpayers
Individuals who earn income above a certain threshold, which subjects them to higher tax rates.
Limitation
A restriction or cap, especially in the context of deductions or benefits in tax terminology.
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