Why doesn’t SpaceX use parachutes on Falcon 9?

This is a commonly asked question about SpaceX Booster Recovery. Why would SpaceX waste fuel igniting the engines and trying to land vertically rather than using parachutes like the Space Shuttle SRB’s did? There are a number of reasons a propulsively landing system is ideal, but they all tie back to SpaceX’s goal of rapid reusability.
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