In inflation-adjusted 2024 dollars, GCFI is forecast at $549.8 billion in 2024, versus $400.3 billion in 2003, with the increase across time primarily due to higher cash receipts. If forecasts are realized, GCFI would decrease by 8.5 percent in 2023 relative to 2022 and further decrease by 6.1 percent in 2024 relative to 2023. Most people that choose to itemize do so because the total of their itemized deductions is greater than the standard deduction; the higher the deduction, the lower the taxes paid. However, this is generally more tedious and requires saving a lot of receipts. Instead of painstakingly itemizing many of the possible deductions listed above, there is an option for all taxpayers to choose the standard deduction – which the majority of the population opts to do.