Exemption - This is a deduction allowed by law to reduce the amount of income that would otherwise be taxed. There are two types offered by the IRS: personal exemptions and dependent exemptions.
Deduction - This is any item or expenditure subtracted from gross income to reduce the amount of income subject to income tax. This is also referred to as an “allowable deduction”.
Dependent - A dependent is a person who entitles a taxpayer to claim dependent-related tax benefits that reduce that amount of tax that taxpayer owes.
Draconian - (relating to or of laws or their application) excessively harsh and severe. This derives from Draco, an Athenian law scribe under whom small offenses had heavy punishments.
Pundit - An expert in a particular subject or field who is frequently called upon to give their opinions to the public.
Posit - Put forward as fact or as basis for argument.
Purport - Appear to be or do something, especially falsely.
Refute - Prove (a statement or theory) to be wrong or false; disprove.
Rescind - Revoke, cancel, or repeal a law, order or agreement.
Reject - Dismiss as inadequate, unacceptable, or faulty.
Renege - Go back on a promise, undertaking, or contract.