, Columnist
Biden’s Tax Plan Stings Some Two-Career Couples
The US tax code often penalizes high-earning spouses who earn similar amounts. Biden’s budget could make it even worse.
That flower crown could cost you.
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For some couples, marriage might become a lot less attractive — for tax purposes, that is — if President Joe Biden’s latest budget proposal ever sees the light of day.
As part of Biden’s proposed revenue increases to help reduce the deficit, the top personal income tax rate would jump from 37% to 39.6% (where it was before the Trump tax cuts that took effect in 2018). That would apply to single filers making more than $400,000, married couples filing jointly earning more than $450,000 and married taxpayers filing separately earning more than $225,000.