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Friday, May 16, 2008
Gas Prices Hit Record High...Again!
FOXBusiness
Gas prices have once again hit record highs, according to AAA. The national average for one gallon of regular unleaded fuel is up to $3.787.
This is the tenth day of record-setting gas prices, news that many fear will depress summer travel, which kicks off May 27 with Memorial Day weekend.
Gas prices have risen almost 22% since this time last year, and have gone up 11% just in the last month.
Drivers in Alaska and Connecticut will be hit the hardest, where gas prices are $4.042 and $4.008 per gallon.
Arizona and Wyoming have the cheapest gas, where a gallon costs $3.565 and $3.580 respectively.
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
Is that fair? We're not touching that, but there is a flip side that few people talk about. The marriage penalty only kicks in if both members of the couple make close to the same amount of money. If there's a big disparity in pay, there's actually a tax advantage. Call it the marriage bonus.
And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
