Today’s marriage penalty has some things old, some things new. What does it all mean for you?
Cheryl Winokur MunkAmong many things, the Tax Cuts and Jobs Act of 2017 affected the so-called marriage penalty, which occurs when a couple’s total tax bill rises as a result of getting married and filing their taxes jointly.
Under the old tax code, the marriage penalty hit medium- to high-income earners particularly hard. That had to do with differences in the income-tax brackets for married couples vs. individuals. Now, however, those brackets have been adjusted to eliminate those discrepancies—except for taxpayers who are subject to the top...
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