Even on Tax Day, It Pays to Be Married

Sarah Torre / April 15, 2011

As Tax Day arrives, families across the country are reluctantly pulling out purses and wallets to cut a hefty check to Uncle Sam. While the annual pain of paying federal income taxes is far from pleasant, married families can take comfort in the fact that they are probably better off financially than their single counterparts.

Even among families with only one working spouse, married households fare far better than those headed by single men and women. On average, a single man will only make two-thirds the annual income of a married family, while a single woman will make two-fifths of that income. Likewise, married households are more likely to own their home and tend to have five times greater asset accumulation than single households.

Marriage holds economic and social benefits well beyond a balance sheet. Children raised in intact, married families tend to have greater academic achievement, fewer behavioral problems, and are at decreased risk of substance abuse and teen pregnancy. Kids who develop good relationships with both mom and dad are also more likely to avoid the host of economic hindrances that often plague children raised in unwed families. (more…)