QUOTE(Cube Jockey @ Nov 28 2005, 03:49 PM)
QUOTE(aevans176 @ Nov 28 2005, 12:36 PM)
According to the Congressional Budget Office in 1996, 51% of all married couples benefited from filing jointly. How is that
not a benefit?
Oh so it is a benefit because the CBO says that couples "benefited" from filing jointly? That is a pretty darn shaky argument aevans.
The married standard deduction is twice the single deduction because there are... wait for the earth shattering news... two people in that relationship. Therefore if you are both income earners you gain absolutely no benefit from this, the only way you'd benefit is if only one person worked.
Furthermore, if you own a house (and I'd say the vast majority of the married population does - including single income earners) then in most cases you itemize deductions and don't take the standard deduction.
I am right because I have accounting on my side, I'm not quite sure what you have on your side.
I apologize
CJ, as I used MSN Money and a professional as my source!
They surely employ those whom have little or no idea as to what they're doing. Neither does the Congressional Budget Office.
Basically what the article was saying (follow me... it also used *
accounting*) was that couples that married and had large gaps in income greatly benefited. One could deduce that this happens, as the Congressional Budget Office stated that 51% of married couples benefited by being married. It also stated that the 15% tax bracket widened. In addition, the standard deduction increased.
QUOTE
Furthermore, if you own a house (and I'd say the vast majority of the married population does - including single income earners) then in most cases you itemize deductions and don't take the standard deduction.
If you're using the argument that the standard deduction is less beneficial and that itemization is where married couples would most often choose to itemize, then why on earth does it matter that the standard deduction counts twice when you're married? (you made that argument eariler...

)
Simply put... (to use you're *
accounting* term);
If a man and a woman marry and one made $46000 prior to marriage and the other made $12000, their taxable income would be $58000, which falls into the 15% tax bracket. (previously one would've been in the 15% bracket, while the other in the 25% bracket)
The difference in taxation would be over $1600 per year. Check out this chart:
http://www.fairmark.com/refrence/2005reference.htmWhat the article is saying is that it's likely that many couples fell into one of the categories. This could also happen in professional couples (*AHEM*). For instance, if a couple has someone that made $72K last year and another that made $40K, their taxation also decreases by over
$6200!!!
This doesn't necessarily account for home ownership, etc... but many married couples
DO benefit from being married in reference to taxations...