> In all seriousness, what does "tax deductible" mean to you?
I think that it means that I get to deduct it from my taxable income, just like my mortgage. It's a deduction (unless I'm subject to one of the various phaseouts or am better off with the standard deduction).
Do you think that people think that the $5k standard deduction reduces their taxes by $5k? (I forget the exact amount because I itemize.) If not, why do you think that they're confused by the phrase "tax deduction"?
There's a huge difference between a tax deduction and a tax credit. I suspect that most people who pay taxes understand it.
