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Tipsheet

Marriage Penalty On The Rise

Diana Furchtgott-Roth with Real Clear Markets did a very detailed analysis of President Obama's tax hikes as outlined in his new budget for 2010 and the impact these increases will have on working wives. It’s not promising, at all.
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President Obama has promised us that taxes on Americans making less than $250,000 will not be raised by "one single dime," to give you the illusion that the only ones being hit will be the rich while the middle class is shielded from his revenue hikes. As I explained in my post about the carbon tax, this is simply not the case. And other examples of how the middle class will feel the tax hike pinch abound. For instance, the marriage penalty will also be on the rise if President Obama gets his way.

Remember that when you get married and start filing a joint tax return, your taxable income may substantially increase simply as a result of combining your incomes. Additionally, taxpayers may not receive the full value of their itemized deductions, further adding to the fiscal disadvantages of marriage for some couples. So if it were all just a matter of tax codes and finances, essentially, it's in your interest as a taxpayer to stay single instead of getting married.
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But the institution of marriage is good for society, so this is not exactly the trend we want to be setting here in the United States.  Unfortunately, President Obama's 2010 budget is more concerned about generating money for his proposed expansion of the government. With the economy in the rough condition that it's in, a fiscal policy of higher taxes and more government spending is certainly not a recipe for success.

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