No....that was only true during George W's presidency....it was not been true before and hasn't been true for 16 years. It was only a $600 per child tax credit. Then it went back to a standard deduction for a dependent. (Pathetically small) Even then if the teenager got a job...you lost that as well.
Our Government has been penalizing young families with children for the past 40-50 years now.
Congress began taxing families during the Reagan's Administration. Bush has been the only slight reprieve.
Benefits from SSI & SSDI have always been subject to being lost when married.
Lots of senior citizens who get remarried are only ceremonially married and not legally married because of the loss of benefits. Also spouses who survive after their husbands die in war will lose their benefits if they get remarried.
Been this way for at least since the 40's.
Welcome to the world of understanding the marriage penalty of life in America. By loss of benefits and increased taxes it's extremely expensive to be married with children for people who are just entering the workforce and can afford it the least.
We would think that there would be some financial benefits....there isn't. Also the rules for "head of household" deduction have changed drastically. It's extremely expensive to be married and have a disabled spouse.
Two income households having fairly entry level jobs will make together $80-$120k/yr. And that will lose $30-$40k to taxes and FICA immediately. Children do not provide much relief for the taxes....especially after TWO separate periods of inflation. One in 2008 under Obama and another more severely under Biden that they are still lying about. (Double digit inflation sucks)
If one of the spouses gets a raise...it does nothing because their taxes alone now increase to 45% and half of their earnings go to pay taxes. And their FICA taxes do not stop increasing until they reach $250k/yr.
Daycare is a minimum $400/wk....usually 2x more. IOW $10-20/hr. And there are late fees if you are 5mn late. Even FunCompany (YMCA after school care) is still $400/wk.
So even if you make $17-$24/hr you will be left with $2-$5/hr with which to buy clothing, transportation, diapers, food and etc. Taxes get the rest.
Our Government has been penalizing young families with children for the past 40-50 years now.
Congress began taxing families during the Reagan's Administration. Bush has been the only slight reprieve.
Benefits from SSI & SSDI have always been subject to being lost when married.
Lots of senior citizens who get remarried are only ceremonially married and not legally married because of the loss of benefits. Also spouses who survive after their husbands die in war will lose their benefits if they get remarried.
Been this way for at least since the 40's.
Welcome to the world of understanding the marriage penalty of life in America. By loss of benefits and increased taxes it's extremely expensive to be married with children for people who are just entering the workforce and can afford it the least.
We would think that there would be some financial benefits....there isn't. Also the rules for "head of household" deduction have changed drastically. It's extremely expensive to be married and have a disabled spouse.
Two income households having fairly entry level jobs will make together $80-$120k/yr. And that will lose $30-$40k to taxes and FICA immediately. Children do not provide much relief for the taxes....especially after TWO separate periods of inflation. One in 2008 under Obama and another more severely under Biden that they are still lying about. (Double digit inflation sucks)
If one of the spouses gets a raise...it does nothing because their taxes alone now increase to 45% and half of their earnings go to pay taxes. And their FICA taxes do not stop increasing until they reach $250k/yr.
Daycare is a minimum $400/wk....usually 2x more. IOW $10-20/hr. And there are late fees if you are 5mn late. Even FunCompany (YMCA after school care) is still $400/wk.
So even if you make $17-$24/hr you will be left with $2-$5/hr with which to buy clothing, transportation, diapers, food and etc. Taxes get the rest.