After DOMA, Edie Windsor entitled to $638,000
The woman who filed the lawsuit that gutted the Defense of Marriage Act finally has her marriage recognized and her spouse's estate restored.
Sure, there are the federal benefits she's won for same-sex couples living in states that recognize their marriages. But Windsor will also receive the $638,000 in estate tax payments she had to make to the Internal Revenue Service and to New York State after her spouse -- Thea Spyer -- died in 2009.
As CNNMoney explains, surviving spouses are entitled to inherit the estate of their late husband or wife tax free. Because DOMA only recognized marriage between a man and a woman on a federal level, however, same-sex spouses did not receive the same benefit.
That being the case, Windsor paid the IRS roughly $363,000 and handed over another $275,000 to New York state, where estate tax rules follow the federal version. Nobody has had their hands on that cash since November 2010, when Windsor sued to get it back and brought her case all the way to the Supreme Court.
That inheritance benefit is one of many that are about to make life a whole lot easier for same-sex couples, provided their state plays along. Along with shared tax, retirement, estate and employee benefits, same-sex spouses will be entitled to visas if their partner lives abroad. On the other side of the equation, both the public and private sector benefit from same-sex marriages as well.
The gay wedding market, for example, has grown significantly over the years, creating new business opportunities for hotels, resorts, caterers and photographers. And in 2012, a year after New York legalized gay marriage, New York City announced same-sex marriages there had generated about $259 million, as well as an additional $16 million in city revenues.
As for the 83-year-old Windsor, her long-awaited estate won't even be weighed down by legal fees. Her attorney, Paul Weiss, took the case pro bono.
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We so have our priorities mixed up. The real issue here is the estate tax. Taxing money that has already been taxed and sometimes multiple times.
We should be shocked at the huge government(s) that are suffocating us with rules and taxes that go to bloat the career politicians, their crony capitalist friends and welfare bumbs of all stripes.
Our money is being flushed down the toilet in alarmingly huge quantities.
Turn out the lights, the party's over!
Ok people think.
For all of you who think that estate tax only hurts the rich are idiots.
A farmer owns a huge amount of land worth millions and scraps by and wants to give it to his son to farm. But, you axxholes, will tax the land, farm equipment, and any other assets to make damn sure that will never happen.
A business owner who scraps by in his little shop in a good location dies and his son can't afford to run the place because of estate taxes. They tax all assets, land, everything.
So keep thinking the rich are paying it when they aren't because they can afford lawyers to make trusts to get out of it.
we are taxed on almost everything. sometimes two and three times. federal and state taxes are added to the sales price on alcohol, tobacco, gasoline etc. then sales taxes are charged at time of sale. effectively paying tax on taxes. any federal income tax 'refund' is charged as income the following tax year so you wind up paying taxes on a 'refund' of overpayment of federal tax the previous year. estate monies are from income that has already been taxed to the original earner so why tax it again if that person dies and leaves it to someone. the pound of flesh has already been gotten.
Of course it's all about money! It's also about fairness and equality and being treated
under the U.S. Constitution as full citizens with all of the rights as the "other"
married couples. My wife and I are one of the "other" couples that have been
married to each other for 41 years and we applaud the destruction of DOMA! We
thank Edith Windsor for her determination and courage in ending this blight on
what about the interest on that money? If she were to owe the IRS and NY that money, she'd surely be charged that by them, so she should be entitled to it as well.
Money....Americas god. Is that all it takes to sell your soul? Prayen for all those enslaved not only to themselves...but now the government.
Follow the money. "gay" rights have always been about FORCING private companies and the taxpayer (through ‘gubmt’ employment) to pay their "partners" expenses. Mature, intelligent companies solved this conundrum 40 years ago. They offer rich (100%) benefits TO THEIR EMPLOYEES. IF the employee wishes to cover his spouse and children, he pays the freight. Non Problem solved.
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[BRIEFING.COM] Equity indices strung together a daylong rally on Tuesday, giving the S&P 500 its sixth consecutive advance. Some selling during the final hour of action pressured the indices from their highs, but they still ended with the bulk of their gains. The benchmark index added 0.4% with eight sectors finishing in the green, while the Nasdaq (+1.0%) outperformed throughout the session.
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