Archives for December 2013

Call me old fashioned, but I love being married.  When I met my future wife, we fell in love and we were married.  I had a Masters Degree in Tax and helped many clients minimize their taxes.  I knew exactly what our marriage would cost me in income.  We were married  despite the Marriage Tax Penalty.  We are still  in love and I love being married.  We continue to endure the Marriage Tax Penalty. Why does our Tax Code penalize married people? In 1990 55% of US households were married, in 2000 51% and in 2010 it is 49%. The marriage penalty came from the Tax Reform Act of 1969.  At the time most families had one income earner and it was designed to help those families. It was even referred to as the marriage bonus tax as a single earner with a family paid less tax than an earner without a family.  In 1960 72% of all people were married.  Today most households have two income earners but only 52% of US people are married.  This is why we  use the phrase marriage penalty tax.  … [Read more...] about Taxes and Marriage The Marriage Penalty Tax