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Joined 1 year ago
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Cake day: June 24th, 2023

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  • The standard deduction existed prior to Trump and changes every year, but I’m not sure exactly how it’s determined. Under Trump, it was effectively doubled from what it was previously. You can view a historic chart on this Wikipedia page.

    Your good/bad assessment is overly simplistic, but essentially correct. In your example, you CAN claim your mortgage interest, OR choose the standard deduction - But in YOUR situation you benefit MORE from the standard deduction.

    With a larger standard deduction, those with ‘simpler’ financial situations benefit from a lowered taxable income amount, without having to do the complex bits of documenting/justifying deductions they claim. - And without the risk of a potential audit.

    For example, someone who DOESN’T own their home or have expenses they could deduct, still get their income reduced by that standard amount.

    High-complexity situations (rich people) don’t benefit from it, and still are required to document and justify their deductions line-by-line.

    The US tax system is overly complex and burdensome, but a higher standard deduction is, at least from my understanding, a benefit to the less fortunate that the more well-off don’t also benefit from.

    I couldn’t tell you what income level represents the ‘split’ between those who benefit from it and those who don’t. It has less to do with income and more to do with your broader situation - Mortgage amounts, expenses, etc.









  • When I was in high school in the 90’s, we had a soda machine that was owned by the school, and had all the different brands - Coke, Pepsi, RC, etc.

    One year, they took out the old, independent machines and replaced them with Pepsi machines that were owned by either Pepsi Co or some nameless vendor. They only contained Pepsi brand products - Pepsi, Mountain Dew, etc.

    At first we were annoyed, but eventually… I’m now a Pepsi guy for life. I drastically prefer it to Coke or anything else.

    At the time, their ad slogan was “The Choice of a New Generation” - And they ensured that by making contracts favorable to school district’s bottom lines in a successful attempt to groom me into being a Pepsi guy.

    And it worked. I was groomed, and I still abide by my programming to this day, even while being fully aware of it.

    If you think you’re immune to corporate programming because you’re aware of it and are a skeptic at heart - you aren’t.