Cyberspace Now: Spouses
Showing posts with label Spouses. Show all posts
Showing posts with label Spouses. Show all posts

Monday, April 14, 2014

Outdated Tax Code Gives Some Working Spouses A Bad Deal

by Jennifer Ludden

April 13, 2014 4:59 PM ET

Audio for this story from All Things Considered will be available at approximately 7:00 p.m. ET.

Transcript  

Women today are nearly half the workforce, and two-income couples are the norm. But the U.S. tax code? It's straight out of Ozzie and Harriet.

When it comes to paying taxes, economists say a lot of secondary wage-earners are getting a raw deal. It's called the marriage penalty.

"The system was never designed to penalize working spouses," says Melissa Kearney, director of the Hamilton Project at The Brookings Institution. "It was just designed in a different era."

That era was 1948, when the U.S. began pooling the income of husbands and wives, Kearney says. It works great if one spouse stays home. A couple can drop to a lower tax bracket for a marriage bonus

View the Original article

Sunday, April 13, 2014

Outdated Tax Code Gives Some Working Spouses A Bad Deal

by Jennifer Ludden

April 13, 2014 4:59 PM ET

Audio for this story from All Things Considered will be available at approximately 7:00 p.m. ET.

Transcript  

Women today are nearly half the workforce, and two-income couples are the norm. But the U.S. tax code? It's straight out of Ozzie and Harriet.

When it comes to paying taxes, economists say a lot of secondary wage-earners are getting a raw deal. It's called the marriage penalty.

"The system was never designed to penalize working spouses," says Melissa Kearney, director of the Hamilton Project at The Brookings Institution. "It was just designed in a different era."

That era was 1948, when the U.S. began pooling the income of husbands and wives, Kearney says. It works great if one spouse stays home. A couple can drop to a lower tax bracket for a marriage bonus

View the Original article