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Happy Valentine's Day are you getting engaged -- thinking about a well watch out because you may have to pay higher taxes no kidding that's -- -- America's marriage tax penalty is alive and well.
Which is to say that when a working wife and working husband married they pay a higher rate that they had stayed single.
According to the Tax Foundation middle income couples get taxed more for being married.
The penalty hits families progressively harder in the 28% 33 and 35% tax brackets.
It just gets worse and worse.
Earning more than 450000 is a married couple you'll be hit by the president's new 39 point 6% Levy.
Divorce and each partner living together could earn up to 400000 at the lower rate before the higher one -- sent.
We'll -- impacts are big at the other end of the -- -- income spectrum to working couples often lose government benefits when they marry.
Then there's Obama -- you -- what would come up.
By 2014 the new health care a lot will be married couples will generally receive 15100 to 101000.
Dollars less per year.
In health care premium support.
-- couples of course living together without being married the effect according to heritage is greatest on a sixty year old couple earning about 30000 dollars -- Their annual marriage penalty and lost premium reimbursement could be as high as that 101000 dollars I just mentioned.
Even -- lower income married couple of the same majoring 151000 dollars a year.
Each would receive an annual government bonus of more than 4200 bucks if they chose to -- -- just -- live together.
Makes no sense right.
The tax -- -- -- the country just as the percentage of intact married families in this country have fallen to an all time low.
While nearly 80% of Americans were married in 1980 only 52% -- of adults are married today.
As a marriage penalty cause that fall probably not but it sure it doesn't help.
To find out how much the -- be your paying if you're married both of you working check out the tax policies tax calculator at Tax Policy Center dot org.
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