Why is the IRS std. deduction for singles only 5350? Shouldn’t it increase at the same % your income increases
October 31st, 2009Joe . asked:
Exactly how is it figured. I assume it is tied to inflation or something or only goes up by a few % points each year, but how is that right that your income goes up by 50%, but your deduction only goes up by 5%.
Exactly how is it figured. I assume it is tied to inflation or something or only goes up by a few % points each year, but how is that right that your income goes up by 50%, but your deduction only goes up by 5%.