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Getting Married? It Will Cost You

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  • Description

    FBN’s Gerri Willis on the tax penalty facing married couples.

  • Duration 2:06
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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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