5 Benefits On the Proposed Marriage Tax Break

Compare the positives and negatives to see if the proposed plan will truly benefit families.

09:21 01 May 2013

Finances are at the heart of discussion now for Prime Minister David Cameron. Recent benefit changes to families with children and others on the various benefits have many people feeling a bit disgruntled. Mr. Cameron is now pushing for marriage tax breaks to help offset the financial burdens of losing out on certain benefits.

 

Many households are concerned about the status of their finances with these changes, but allowing a bit of tax relief for married couples seems to be a good move towards ensuring that as much money as possible remains in a family’s pocket. 

 

Potential benefits of marriage tax breaks:

 

• Families—regardless of whether they are one or two-income families—will be able to keep more of their money. 

 

• Depending upon the size of the tax break, families may not need as many benefits. 

 

• Potential to have children receive the care they deserve. 

 

• Possible increase in marriages for those who haven’t been able to afford it due to tax burden on finances.

 

• Increased incomes that can help stimulate economy.

 

Negatives of marriage tax breaks:

 

• Could spark controversy if other types of partnerships are not included in the tax break.

 

• Failure to adequately implement and clarify such tax breaks could result in a shift to UKIP in the constituency. 

 

• Potential controversy over single parent finances and whether they will also be eligible for any kind of tax cut.

 

No plan is perfect, but overall the results of this proposed legislation may provide some relief on many family finances. This influx of money, even if it seems small could be poured back into the economy which would serve to help the economic situation in the area and help the UK recover from its depression.

Effects would be slow and minimal at first, but with this proposal many families might be able to enjoy a slight break that will benefit their finances and possibly improve their lifestyles.