On July 12, 2000, the House of Representatives passed a bill to repeal the "Marriage Tax Penalty".
The bill is aimed at the estimated 25 million two-income married couples who pay higher income taxes than they would if they were single. It also gives a tax cut to virtually all married people who file joint tax returns. It would gradually expand the bottom 15 percent income tax bracket to twice that of two single people and raise the standard deduction to double the standard deduction. Later this year, a separate bill gradually scrapping the federal estate taxes by 2010 will be debated in the Senate.
If passed and signed into law by the President, the net reduction in tax revenues as a result of the repeal of the "Marriage Tax Penalty" is estimated at around $182 billion and $248 billion as a result of the repeal of estate taxes.
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