Of Interest

House Bill Would Eliminate 

the Marriage Penalty

A bill recently passed by the U.S. House of Representatives would eliminate the so-called marriage penalty by increasing the standard deduction for married couples from $7,350 to $8,800, double the amount for a single filer. The bill would also gradually increase the income bracket subject to the lowest (15%) tax rate from $43,850 to $52,500. Low-income married couples would also benefit from an increased earned income tax credit.

While the Republican-backed bill won the support of 48 Democrats, the White House still opposes it, calling it a "political gimmick for Valentine’s Day."