Rep. Ted Budd & Colleagues Introduce Bill to Eliminate Millennial Marriage Penalty
Washington D.C. -- Last week, Representative Ted Budd (R-NC) introduced H.R. 5863 along with Rep. Vicky Hartzler (R-MO) and 24 other House members. This legislation allows both spouses in a marriage who hold student loan debt to deduct up to $2,500 in interest paid on student loans from their taxable income. Under current law, married couples who both hold student loan debt are only allowed to file one $2,500 student loan interest deduction, creating a “marriage penalty.” If they were single, they would both be able to claim the deduction.
Rep. Budd said in a statement:
“Marriage and strong families are the foundation of a well functioning society. We should be making it as easy as possible for our young people to financially afford to get married. Countless studies show that married couples are more likely to be financially stable, have better physical and mental health, and even live longer lives than their single counterparts. On the other hand, family breakdown makes it more likely that children will experience a whole host of negative outcomes like trouble in their own social life, drug and alcohol abuse, and even violent crime. That’s why the federal government should make it financially easier for millennials to get married, not harder. I applaud Rep. Hartzler for taking the lead on this critical piece of legislation.”
Text of the bill can be found here.