JoB
LOL Kootch
and Obama created the marriage penalty?
according to Wiki in their post on the marriage penalty
“The marriage penalty originated in 1969”
that boy certainly was precocious..
wasn’t he?
from the same site…
“The source of this increase in taxes has its roots in the progressive tax-rate structure in income-tax laws – that is, the earner of a higher income pays a higher rate of tax on the last dollar of income (the combination of the two incomes = higher tax bracket). It is mathematically impossible for an income tax system to have all three of these features simultaneously: joint filing for married couples; marginal tax rates that increase with income; and independence of a couple’s tax bill from their marital status.[1] With increasing marginal tax rates, income averaging is advantageous to the taxpayer.”
Any couple facing the marriage penalty can reduce their total tax burden by using income averaging when they file…
unless of course the second income in the home that drives the income into the next tax bracket (the penalty) is not earned income..
The social security benefits i get for being permanently disabled … pitiful though they are because i hoped i would recover again and waited until the very last possible filing day before filing … actually cost us as a couple more in total tax between the actual tax that is levied upon them and the tax increase from the total income on the tax tables than I receive:(
and we don’t have the advantage of filing separately since social security is not considered earned income even though 85% of it is taxed if your spouse earns a living wage.
I choose to receive those benefits because even though they reduce our total household income, they do offer security in worst case scenarios… no-one can count on their household’s primary income these days:(
Should we call that one the Disability Penalty kootch?
what has been labeled a penalty is actually the result of both spouses being gainfully employed or in our case having the security of a safety net.
Married couples in which there is not second income do not pay a “marriage penalty”
so this should be more accurately described as a “Second Income Penalty” ..
if in fact it is a penalty at all.
The “marriage penalty” is only a penalty if one assumes two things..
1)that every individual in America should be taxed on their individual wages .. regardless of whether they take advantage of pooled credits and deductions …
and
2) that those who make more should not pay more
Obama did it!
in 1969
as i said.. precocious kid
if he was a kid then
i forget how long ago 1969 was
some days it’s a very long time
some days.. well.. not so long after all