Word: taxingly
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Dates: during 1990-1999
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Keep in mind that the $60,000-income couple still pays $880 more tax than two singles who each make $30,000. The marriage "bonus" merely offsets part of the penalty. Confusing. But if you live in sin (or are considering it) and need an excuse for the neighbors, this...
Treating married couples as singles for tax purposes, with each claiming half of household income, is the way to do it. That would be fair--but very expensive for the Treasury, and thus unlikely. For now, lovers with similar incomes should take a hard look at the tax bill they would pay for wedded bliss. And those of us already married can use the same numbers as a reminder of the things we do for love...
...time.com for more on the marriage tax. E-mail Dan at kadlec@time.com And see him on CNNfn at 12:40 p.m. E.T. on Tuesdays...
...TAX CUT ON CAPITAL GAINS...
...been longing to sell a stock that you haven't held long, you might soon get a break. Today stocks must be held at least 18 months to qualify for the lower capital-gains tax rate, which is usually 20%. But that holding period will be reduced to 12 months under a $13 billion tax bill that President Clinton agreed to sign last week...