February 13, 2013 - Just in time for Valentine’s Day, those romantics at the Tax Policy Center have issued a handy tax calculator for determining whether saying ‘I do” will cost you at tax time. Sometimes it pays to be single but not always. According to the tax center, ”couples in which spouses have similar incomes are most likely to incur marriage penalties, and couples in which one spouse earns all of the couple’s income never incur a marriage penalty and almost always receive a marriage bonus.”
The top 1 percent of U.S. taxpayers would pay 67 percent of the higher taxes called for in 2023 under President Barack Obama’s budget proposal, according to an analysis released today by the nonpartisan Tax Policy Center in Washington.
President Barack Obama and first lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from the president’s books kept declining, tax returns showed.
Investors can deduct $3,000 in capital losses against ordinary income, a benefit that cushions the sting of a failed investment. It’s a tax break frozen in time, stuck at the same nominal dollar amount since 1977.