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Some taxpayers still face a 'marriage penalty' despite fixes in the tax code
Source:
cnbc.com
- Jan 18, 2019
The new tax law that took effect last year eliminated the so-called "marriage penalty" for many couples. For others, not so much.
The term refers to paying more in taxes as a married couple than you would as two single filers. And depending on your income, the credits or deductions you use and where you live, you could still pay higher taxes by getting married.
"It's more typical for people to have a marriage bonus, but there are tax provisions that are not adjusted for marriage," said Kyle Pomerleau, director of the Center for Quantitative Analysis at the Tax Foundation, a nonprofit think tank.
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Category: General Business
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