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My question to you is that if both partners are currently both paying in the 42% bracket, is there likely to be any increase in combined after tax pay due to marriage circumstance?
is there likely to be any increase in combined after tax pay due to marriage circumstance?
But they do - e.g. (a) married with both working with one on 20% and (b) the other on 42% or married with one working - in both cases they are treated more favourably than a similar non married couple as far as I know.Simple answer no! It would be grossly unfair to give a tax advantage to a married couple over two single people.
But they do - e.g. (a) married with both working with one on 20% and (b) the other on 42% or married with one working - in both cases they are treated more favourably than a similar non married couple as far as I know.
elect for joint assessment now because it will save doing it some day down the road when it will be advantageous i.e. when one spouse does not use up all there SRCOP or credits
In this case the OP stated that both were paying tax the the higher rate.
So no benefit now but as bazermac says
I was referring to bazermc's point about Revenue not being able to do certain things because it might be inequitable to one set of people (e.g. married couples) over others (e.g. unmarried) - this is irrelevant and there is no fundamental requirement that the tax regulations be equitable to all!In this case the OP stated that both were paying tax the the higher rate.
I was referring to bazermc's point about Revenue not being able to do certain things because it might be inequitable to one set of people (e.g. married couples) over others (e.g. unmarried) - this is irrelevant and there is no fundamental requirement that the tax regulations be equitable to all!
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