Like some much else regarding taxes, the most accurate answer may be “it depends.”

 

Since you and your soon-to-be spouse have both been working for sometime and likely have more-than-entry-level salaries, you will probably be hit by the “marriage penalty.”  The marriage penalty gets its name from the fact that many married couples pay more tax together as a married couple than they would as two single individuals living together without the benefit of marriage.  When two people marry, the second individual’s income is effectively added “on top” of the first individual’s income, which can push more of the couple’s income into a higher tax bracket than if they were filing individually.  And frequently, couples lose (or see reduced) certain itemized deductions and personal exemptions because at higher incomes these items are typically reduced or phase out.

 

For some couples, the “marriage penalty” is definitely real.  Much less well-know, but equally real, is a “marriage bonus” for some couples.  This typically occurs for couples where one spouse either has no income or very little income.  It’s our “graduated” tax system that accounts for either the marriage penalty or the marriage bonus.  You simply pay a higher tax rate at higher income levels.  Two individuals usually mean a higher income level.  Congress has attempted to address this issue in recent years and may continue to do so.  Hopefully, for most taxpayers, the benefits of marriage far outweigh any tax marriage penalty they incur.