In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR


Biden tax plan has a major new “marriage penalty”

Leave it to a Democratic administration to penalize marriage.

It’s very simple. If you and your girlfriend are making 200,000 per year, under the Biden plan, you don’t get hit with the extra tax. Get married, and then you’re at the $400K threshold and you start to get taxed.

According to Fox News:

Individuals who earn a lesser amount could be affected if they are part of a couple filing jointly that reports a cumulative income of $400,000 or more. That means some individuals may wind up being hit with the tax hike because they are filing jointly – whereas, if they filed as individually, they would not be above the specified threshold.

“It’s a significant disadvantage to married couples,” Timothy McGrath, managing partner of investment advisory firm Riverpoint Wealth Management, told FOX Business. “It’s another marriage penalty, and this is nothing new in the tax system. [There are] all sorts of tax marriage penalties right now.”

What would make this provision significant, McGrath noted, is that the proposed income threshold has the potential to affect a lot of households.

6 thoughts on “Biden tax plan has a major new “marriage penalty””

    1. Come on man. This duly installed president has made it possible for elderly people with dementia to dream of being president. Right now all across America in long term care homes they are playing “Hail to the Chief” over their intercoms whilst residents in the foyer stand at podiums mouthing incoherent responses to imaginary reporter questions.

  1. Any husband/wife team , each making @$200K a year, can’t figure out that filing IRS taxes separately, then they should soldier up and pay the new higher taxes.
    They can then, promote their virtue and empathy for the poor, the oppressed, the minority who don’t make $200K in 10 years.

  2. Depending on where you live – $200,000 can be a ton of money or it can truly be middle class. I know that is hard for some to recognize. While I don’t feel sorry for a married couple making $400,000 combined a year, I do think that penalizing married couples is a different issue. Why should the government be setting up a system that either encourages people not to marry, or alternatively pushing them to file separately – in the long run – the deductions they can claim generally can’t be split – i.e. mortgage interest, so the end result may not be any better filing separately than jointly.

Comments are closed.