Ann Coulter sent out a Tweet the other day that succumbed to society’s stereotypes of singles being sad and lonely and couples being happy. Being single does not mean that you are unhappy and lonely. That is a myth created by society. The single shaming done by society, the media, and politics needs to stop since singles are now the majority of the American population.
Ann Coulter And The Culture Of Single Shaming
As someone with influence in society, especially in certain political circles, Ann Coulter is hurting singles. She should be helping them instead of saying that singles live “lives of quiet desperation and will die alone”. Further, as a professional single woman, Ann Coulter fails to realize the values of the single life and that singles are healthier than couples. Women are more independent than ever today. Women do not need a man to be happy. It is disheartening to see a single political celebrity take part in single shaming because Ann Coulter is not only shaming singles, but is also shaming herself.
Politics Of Being Anti-Single
The politics of both American political parties have always favored those who are married and have a family. This is because because they are an essential political base. Both the Democrat and Republican Parties have historically been anti-single. Politicians need to attract this base to to win an election. Politics has used taxes to assist those who are married and who have families since it is thought that families are a requirement for a healthy society. This belief has resulted in couples with children receiving tax deductions for children. Children become a tax write off for couples while singles pay a tax penalty.
These can include tax cuts and deductions for being married and having children. There are already more than 1,000 laws, just on the federal level, that help provide benefits to those who are married. Those laws were written and enacted by both American political parties. Washington and Politicians like to ignore singles because it is good for them to be seen as pro-marriage and pro-family. Why do you think politicians are always kissing babies on the campaign trail? To win votes and to look relatable to their voters. This has to change.
Direction Politics Should Take Towards Singles
Political institutions from the local level to the federal level in Washington need to realize that singles are now the majority of the American population. Those who are married are becoming a smaller number of the American population. Future policies that should work to dismantle tax deductions that those who are married receive for having children. Singles should not be taxed more people who are married. The more than 1,000 laws that favor those who are married should be rewritten or amended to make a truly equal playing field for everyone when it comes to taxes. It will not matter if they are single, cohabiting, or married. Everyone will be taxed the same instead of some receiving tax benefits from the government for having children.
Views expressed in this article are the author’s opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and educational purposes only. It is not investment or financial advice. James Bollen is the author of Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). Now available in paperback and for the Kindle on Amazon. Subscribe to Secure Single’s Substack for free!
The GOP has rearranged the tax brackets from seven into four. This is good for some, and not for others. Simple is better in some cases, especially with tax. Here is the scoop on how the new tax codes will affect you.
Winners and Losers
Losers: Low income filers with children and households that are inadvertently bumped into a higher bracket.
Winners: Low-to-middle income households and the 5.2 million middle-to-high income taxpayers who are subject to this levy.
According to the new plan, the standard deduction will change from $24,400 for married couples who file jointly and $12,200 for single filers, which is nearly double up from the current rate.
Current and New Tax Brackets
There are currently seven tax brackets which break into the following categories:
10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
The four new and simplified tax brackets are as follows:
12%, 25%, 35%, and 39.6%.
The new tax plan could hurt singles with children. According to Slate, the new tax plan would do away with personal exemptions, which currently allow parents to deduct $4,050 from their taxes for themselves and each of their dependents. This would lead to parents owing more taxes on their earnings. The new tax plan would also increase the lowest tax rate from 10 percent to 12 percent.
Slate simplifies this here:
“Consider a married couple with two children earning $50,000. Today, they’d be allowed to take the standard deduction, worth $12,700, plus four personal exemptions, worth $16,200—bringing their tax-exempt income all the way up to $28,900. Under the Trump plan, they’d only have a single $24,000 deduction. As a result, they’d end up paying $888 more in taxes.
All working-class couples with children whose adjusted gross incomes fall between $24,000 and $60,000 will pay more in taxes under the Trump plan than under the current tax system, according to Daniel Hemel and Kyle Rozema from Slate.
Additional Money for Singles Standard Deductions
Under the current system, a single filer can take a standard deduction of $6,350 and a personal exemption of $4,050. That equates to $10,400 in tax savings compared with the proposed $12,000 standard deduction for singles.
GOP Tax Plan Pros and Cons
Depending on where you fall in the income earning bracket, you will either win or lose. If you find yourself at the top of a tax bracket cutoff, find a new way to make more money and bump up into the next category where you can have a better break. There are only four, so make sure you know where you stand. Also, converse with a licensed CPA before making any decisions on your money. Knowledge is power.
Cheers,
Danielle
Views expressed in this article are the author’s opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and educational purposes only. It is not investment or financial advice. James Bollen is the author of Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). Now available in paperback and for the Kindle on Amazon. Subscribe to Secure Single’s Substack for free!
The Trump administration has proposed to get rid of one of the tax filing statuses that gives single parents a deduction in the tax code. There are currently two types of filing in the tax code: married and single. Single parents are currently able to file under the married section that saves them money when filing taxes. The new proposal would create a third category for single parents that would result in them paying more for on their yearly taxes. This is a further step in the wrong direction. Singles and single parents should not be taxed more than their married counterparts.
2016 Presidential candidate Hillary Clinton in 2016 at a campaign rally said that under Donald Trump’s tax plan “51 percent of singles would see their taxes go up.” Now that Donald Trump is President he is able to affect policy and make the Republican Party fall in line with what he wants it to become, which it is doing with ease. One of his policies, while cutting taxes for the majority of the middle class, would raise taxes in three different ways on singles. The first way is that Trump’s tax plan rates affects singles who are in the 33% tax bracket, or who make up to $127,500. The second way is that Trump would eliminate personal exemptions while raising standard deductions on singles. By raising the standard deduction, singles can expect a minimum increase of $8,750 from what they pay in taxes now which is more than those who are married. A third element of Trump’s tax plan is that it would eliminate single parents’ head of household status. Single parents’ will suffer by no longer being considered a head of household under Trump’s tax plan. In short, singles and single parents will pay more and see increased taxes under now President Trump’s tax plan.
Single parents are becoming more normal as society has seen a spike in divorces. Singles can now become a single parent by choice through adoption or in vitro fertilization. Singles also outnumber the married population in America. This tax policy defies the new normal of people remaining single longer, delaying marriage, or deciding to never get married. It is time for Washington to recognize the plight of singles and single parents and phase out head of household status. This would be a step to make singles, single parents, and those who are married more equal with tax policy. The next, and larger, step would be to eradicate the more than 1,000 laws that favor and benefit those who are married. None of these steps will come soon to Washington since both parties are entrenched in political interests. Those who are unmarried, single, and single parents should push their representatives to expunge the laws that benefit those who are married. This would be the fairest tax policy option to make singles and married equal during tax season.
Singles already pay more taxes with the current tax code compared to those who are married. In addition, those who are married receive over a 1,000 tax benefits and deductions merely because they are married. The tax code must be simplified and the deductions and benefits for those who are married abolished. It is time for the government, on all levels, to acknowledge the rise of singles and lower their tax rates.
Views expressed in this article are the author’s opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and educational purposes only. It is not investment or financial advice. James Bollen is the author of Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). Now available in paperback and for the Kindle on Amazon. Subscribe to Secure Single’s Substack for free!
What You Should Know Before Filing Your Taxes: A Singles Guide
The tax deadline for Americans is slowly creeping up this April 18th of 2017. Have you ever wondered how you can file your taxes to receive benefits as a single person and as the head of your household? Have you also thought about what types of penalties you are receiving by filing as a single person as well? How you file your taxes can either benefit you or be a burden, it all depends on where you live and what you deduct.
Many people already know about the benefits married people have by filing their taxes together. This may be a hint from the government to encourage people to get married and to chastise those who are single. When married couples file taxes together the IRS gives joint filers a larger standard deduction and a lower percentage of taxable income based on a couple’s tax bracket.
What are some of the benefits of filing as a single person?
There are not really any special tax deductions for singles who file their taxes. Unless you have a mortgage or dependents, you will generally pay more money on your taxes in comparison to the average married couple. If you file as a single person for your taxes you have a standard deduction of $6,300. In comparison, if you are a single parent who is filing as the head of the household in 2016, then you will have a standard deduction of $9,300 for the tax year 2016. Married persons filing jointly receive a $12,600 standard deduction.
How do I file as a single?
You can claim the single filing status when you prepare your return on any of the 3 major tax return forms: 1040EZ, 1040A, or 1040.
What percentage of your income is taxable?
Your income will determine the tax bracket that you are in. It is different for people who file single versus married couples filing jointly. See the chart below to find your tax bracket. As you can see, married couples are taxed less on their income for state and federal taxes. Head of households do receive less taxable income due to their dependents.
Alaska’s income tax bill
If you’re single then you definitely don’t want to move to Alaska for tax purposes. Alaskan Governor Bill Walker plans to tax singles at a higher rate than their married peers. In Alaska, a single person with no dependents who makes $50,000 a year will be taxed about $867, versus married couples who will pay about $484. The policy clearly is penalizing singles. The variance is much higher in Alaska than in the majority of states in the US.
What Penalties Do Taxpayers Incur?
There are many penalties that you can incur if your taxes aren’t filed properly. You can also receive a penalty if you don’t have health insurance. According to Nerd Wallet, “For the tax year 2016, the penalty will rise to 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, to a maximum of $2,085.”
There is also a penalty for filing your taxes late without an extension. April 15 is the deadline for the majority of people to file their federal income tax return and also pay any and all taxes they may owe. The IRS notes that by law they may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.
You can also be penalized if you underpay or underestimate the amount of taxes you owe. However, the law allows the IRS to waive any penalties if:
- You didn’t make a required payment because of a casualty event, disaster, or other unusual circumstance and it would be inequitable to impose the penalty, or…
- You retired (after reaching age 62) or became disabled during the tax year or in the preceding tax year for which you should have made estimated payments, and the underpayment was due to reasonable cause and not willful neglect.
What can you report on your taxes to receive a benefit?
Even if you are single, you can set up your finances to benefit you when you file your taxes. Here is a handful of tax write offs you can include on your next tax return:
1. Deduct Student Loan Interest
If you owe debt on your student loans, then you can benefit by filing what you paid in interest. When you file, you will need your 1098-E Student Loan Interest Statement, which is generally sent after the first of the year via mail for both private and federal student loans.
2. Medical Deductions
The money you spend on medical care can be deducted from your taxable income, this includes dental care and health insurance premiums. If your total medical deductions add up to more than 7.5% of your adjusted gross income then you can only deduct the costs above that figure.
3. Charitable Donations
You can deduct any charitable contributions you make during the tax year to write off on your taxes. To meet IRS standards, you must make the donation to a qualified organization. Friends, family, and for-profit businesses do not count.
Summary
Taxes can be a lot to undertake, especially if you’re single and seem to get the short end of the stick. Keep track of your finances and work to find as many deductions as you can. This will help you get ahead in some ways. For help with your taxes consult with a CPA to help you find loopholes and extra deductions you may not have known about. April 18th draws near, don’t forget to file!
Views expressed in this article are the author’s opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and educational purposes only. It is not investment or financial advice. James Bollen is the author of Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). Now available in paperback and for the Kindle on Amazon. Subscribe to Secure Single’s Substack for free!
It is not acknowledged by policy writers and society that there is a single person’s tax for not being married. Married couples receive a number of benefits for being legally married in the eyes of the government, in fact these married couples receive more than one thousand benefits from laws across the levels of government. One of the most important benefits that married couples receive is the joint income tax return that allows the couple to mutually split their income. The single person’s penalty is an unjust tax on all singles.
The tax on single people ranges between 20% to 40% according to Professor Kahng who wrote One Is the Loneliest Number: The Single Taxpayer in a Joint Return World. Despite the fact that single people now outnumber married couples in the United States, the has only been a single study done on the single person’s tax penalty. An indirect consequence of the joint income tax return was that singles ended up having to pay more while couples received deductions from the government. Kahng, in his study, found that singles pay on average between “$0 to about $7800” in additional taxes compared to couples just because they are not married. Policy analysts for the government have yet to return to addressing the single penalty while the debate about different types of deductions for couples continues in Washington. This is penalty on all singles is at best a current unfair tax policy that needs to be resolved and at worst is tax discrimination on single people in favor of those who have chosen to get married.
The United States remains one of the few modern industrialized countries that continues to practice the joint income tax. It is a policy that irreverently favors married couples while hurting the majority single population. People are remaining single longer, if they decide to get married at all today. Singles should contact their representatives and policy writers to work together to fix this unfair tax for all single people to and all future single people to come.