Why are business expenses deductible from income, but someone’s basic living expenses aren’t deductible from personal income?

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Why are business expenses deductible from income, but someone’s basic living expenses aren’t deductible from personal income?

In: Economics

22 Answers

Anonymous 0 Comments

They are deducted. For a couple, filing jointly, you can automatically deduct ~29k (this number increases a little every year) from your taxable income when you file.

It basically represents the money you need for some life necessities

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