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That's probably because your original social circle largely already had the government minimize their taxes for them, in the form of a standard deduction that e
by zdragnar 2y ago
That's probably because your original social circle largely already had the government minimize their taxes for them, in the form of a standard deduction that exceeds what they could hope for with an itemized deduction.
In that regard, most people minimize their taxes by doing nothing. The wealthy have to put effort in to get the same effect.
- lazyasciiart 2y agoNot quite - even among those people who take the standard deduction, contributing to a tax advantaged account would reduce taxes for most of them. And a significant proportion of low income people don’t even file a tax return, so by doing nothing they literally give away money. https://dailyyonder.com/low-income-families-risk-losing-thousands-of-dollars-if-they-dont-file-tax-return/2022/02/15/ https://dailyyonder.com/low-income-families-risk-losing-thou...