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George has the following expenses that he wants to include as itemized deductions for the year.His adjusted gross income is $60,000.What is the total itemized deduction he can take?
Inflation
The rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.
Adverse Supply Shock
An unexpected event that suddenly decreases the supply of a commodity or service, potentially leading to higher prices and lower quantity available.
Money Supply
The aggregate value of all monetary assets in an economy during a specific period.
Federal Reserve
The central bank of the United States, responsible for implementing monetary policy, regulating banks, and ensuring the stability of the financial system.
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