marriage penalty

marriage penalty definition - finance
A term that refers to the situation in which a married couple pays more in taxes to the Internal Revenue Service than two single people with identical tax liabilities would.  The marriage penalty was eliminated in 2003 after a tax cut was enacted by Congress.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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