February 11, 2000 03:44 PM | Permalink |
On Feb. 10, the House passed GOP-sponsored legislation to reduce the “marriage penalty,” the extra income taxes that a married couple pays compared to a similar income couple living outside of marriage. It rejected a Democratic alternative.
Effective in 2001, the House-passed plan would slightly boost the earned-income tax credit for couples and raise the married standard deduction to double the single amount. In addition, and most notably, the plan would increase the starting point for the 28 percent tax bracket for couples to double the single level.