UPDATE: U.S. Budget Deficit, Emojis and the Marriage Penalty

Posted on July 17, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

The U.S. budget deficit shrank 49% to $89 billion in June from $174 billion a year earlier, reflecting the end of Covid-relief spending and an increase in tax revenue. Specifically, government spending fell in June by 12% to $550 billion compared to $623 billion in the same month one year ago.

World Emoji Day on July 17th is a celebration of all emojis. Last year, the World Emoji Awards helped crown the Most Popular New Emoji, the Most Anticipated Emoji and the Most 2021 Emoji!

A report from the American Community Survey found, “A one-percentage point increase in the marriage penalty tax rate decreases the probability of marrying for females with children by 3.69 percentage points. For males, a one-point tax increase translates to a 0.21-point decline in the probability of marrying if they have kids and a 1.54-point decline if not.”

***

COMMENTS APPRECIATED

Thank You

MORE: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

***

Filed under: Financial Planning, Health Insurance, Investing, LifeStyle, Marketing & Advertising | Tagged: , , | Leave a comment »

Marriage Penalty Fading – Single Penalty Rising

Posted on December 7, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

A Curated Report

By Staff Reporters

***

The marriage penalty has faded in recent years, particularly after the 2017 Republican tax cuts that targeted high incomes. But the singles penalty remains — the tax code is still written to benefit people in 1950s middle-class marriages who own their homes. That’s not great for the millions of households who are shouldering other cost burdens around single life.

CITE: https://www.r2library.com/Resource/Title/0826102549

Progressive tax codes are intended, at least theoretically, to ensure equitable distribution of the costs of maintaining civilization. They should (again, theoretically) be readjusted when a certain group begins to shoulder a disproportionate amount of that burden — like, for instance, single or divorced people. That’s not what’s happened, not for couples with two earners and not for the growing number of single or solo households. The reality of how people live and who works has changed. The policy has not kept pace.

The same principle holds true for Social Security, which was created first and foremost as a means of protecting the elderly from living out their final years in the literal poorhouse. The idea was simple: You and your employers pay in part of your salary now, and when you retire, you have enough to survive.

READ FULL REPORT HERE: https://www.vox.com/the-goods/22788620/single-living-alone-cost

YOUR COMMENTS ARE APPRECIATED.

***

Thank You

***

Filed under: Accounting, Breaking News, Experts Invited, Glossary Terms, LifeStyle, Taxation | Tagged: , , , , , | Leave a comment »