What is referred to as the marriage penalty is the situation when a married couple pay more in tax than they would have if they were filing as two single people. It affects two-wage earners, especially when both spouses earn relatively the same income. Because the tax system is progressive, combining two incomes can reach a higher tax bracket. (On the flip side, there exists a marriage bonus: if one spouse has little or no income, his/her deduction and exemption is used against the other's income, compared to being single with the deduction/exemption not fully needed.)
You can no longer file single while you wear that ring, 
and be aware that filing separately is not a good alternative, as Married Filing Separately rarely saves, often causes a net liability increase, and will hurt when dependent care or IRA contributions are part of your tax situation. (MFS are ineligible for day care expenses deduction and educational credits, lower limits for taxable social security benefits, etc.)
In addition to reaching a higher bracket with combined income, a married couple also lose out with the standard deduction. 
For tax year 2001, MFJ = $7,600 vs. S = ($4,550 x2) =$9,100; a decreased deduction of $1,500. If itemizing, employee business expenses, medical expenses, and casualty/theft loss have to exceed a higher AGI limit before counting. There are other situations and deductions involving phaseouts relative to income which can hurt Married Filing Joint.
So what's up?
Starting in 2005:
there will be a steady increase in the MFJ standard deduction until it reaches twice that of Single in 2009.
Starting in 2005:
the upper level of the 15% bracket will be extended for MFJ until it reaches twice that of Single in 2009.
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