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Well, rakdos control is going to involve some discard. I'd consider +1 Thoughtseize as well as some boardwipe power like Anger of the Gods . I don't really know as I haven't updated my rakdos deck since before Theros was spoiled, but here's what I used to run: Rakdos Insanity
Also has some M13 still in there so it'd need a lot of updating.
Chandra's Pheonix needs more red instant and sorcery spells, you only have four that I can see: Magma Jet and Rakdos's Return . Maybe somethings like Liliana's Reaver or put another Desecration Demon in and something else. Good deck though, I really like rakdos control (only when playing it, not against).
You only have a total of 4 spells that can be used to get Chandra's Phoenix out of the graveyard (2x Magma Jet and 2x Rakdos's Return ). Drop the Phoenix to complete the sets of Desecration Demon and Lifebane Zombie .
I disagree with the Shadowborn Demon suggestion. You run very few creatures, so you'll probably have to sac one at the beginning of each foreseeable upkeep, most likely ending with you having to sac the Demon, anyway, if you hadn't already.
I think Hythonia the Cruel might be a better option. She's a board wipe (which this type of deck needs) on a stick, but she survives and gets bigger.
Lose the dragon, he is sideboard tec. I would make room for Liliana of the Dark Realms she puts land in your hand (thinning the deck) and adds to your X in Rakdos's Return . Also if you really need it she is a kill/pump spell. This is a very good deck and is super similar to my BG deck for post ro, golgari con-troll check it out, you might see something you like.
Stormbreath Dragon is completely counter productive to what appears to be your strategy.
If your playing a midrange with some control then call it that. If yore running had oscars control, then this isn't the place for Stormbreath Dragon
This is a similar deck I've worked on recently. It's Dega so not completely similar, but the strategy is the same. Dega Control
Master of Cruelties doesn't need a combo piece.
If he procs just once, there's enough aggro and burnin here to just end it off a top deck.
My only suggestion is Tymaret, the Murder King instead of Rakdos Keyrune . You don't need the mana fixing. And he works well as an early aggressor, plus his synergy with Master of Cruelties is broken. Attack, unblockable or just wasn't blocked, reduce life to 1, pay 2 sac Master of Cruelties , kill opponent.