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Marriage Penalty

   The new bill provides two notable forms of relief from the so-called "marriage penalty." However, the provisions are not scheduled to begin until 2005.

   First, the standard deduction for joint filers will gradually increase over four years until it is twice that of single taxpayers. Second, starting in 2006, the income level within the 15% tax bracket will gradually expand until 2008, when it will be twice that of single taxpayers.

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How new income tax laws affect you.
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