A phaseout rate is changed from 25 percent to 50 percent
What the document says“by substituting `50 percent' for `25 percent', and”
The section adds a new subclause (IV) to section 55(d)(4)(A)(ii) of the Internal Revenue Code of 1986 substituting 50 percent for 25 percent, and strikes the word and at the end of subclause (II).
What the document actually says“by substituting `50 percent' for `25 percent', and”
That sentence, in plain words
A rate of 50 percent takes the place of one at 25 percent.
What this is about
The rate governs how fast the exemption fades. A higher rate means it fades faster. What it fades against is not recorded here.
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