So, on Oct. 19, NPR reported that the standard tax deductions are going up.
For single taxpayers and for married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900 from 2022. The standard deduction for married couples filing jointly for tax is increasing by $1,800 from last year, to $27,700. And, for heads of household, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
For those filing as a single person or filing separately from their spouses, the standard deduction is increasing by $900 to a total of $13,500.
NPR also reported: “Data released by the Bureau of Labor Statistics last week showed that compared to last year, rent is up 7.2%, electricity prices are up 15.5%, groceries are up 13%, and health insurance is about 30% more expensive.” They don’t even mention that fuel has significantly increased and diesel has nearly doubled! (Used by truckers who deliver our food). It also heats a lot of homes.
My God, where is the outrage that ensued when the Trump administration raised the deduction and fuel was cheaper?
To conclude, the Democrats’ cost-of-living increase for Social Security recipients was a drop in the bucket. Not to mention it was an insult.
Mark Seibel
Phippsburg
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