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Political Factoid
The standard income tax deduction
should be:
- As it was in 1948, which was 75% of the
annual median family income.*
- It should be based on current values
for applicable state of residence and
family size.*
- This would automatically compensate for
inflation and other perturbations of the
economy.
| * |
The median U.S. income was $25,364 for
a family of four in 2010.
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