Gay marriage ruling means tax breaks, benefits for many
The Supreme Court decision offers married, same-sex couples the same financial rights as hetero couples.
The Supreme Court’s decision to invalidate the Defense of Marriage Act means that same-sex, married couples will have access to the federal benefits now enjoyed by other marrieds.
These benefits include tax breaks, Social Security benefits and estate planning advantages that until now were denied gay couples, even if their marriages were recognized under state law.
Among other things, gay marrieds will now be able to:
- Claim Social Security benefits based on a spouse’s working record and qualify for survivor benefits.
- Fund an IRA or Roth IRA for a nonworking spouse.
- Split a retirement fund or other assets without triggering tax bills if they divorce.
- Exempt health care benefits for a spouse from their federal income.
- Bequeath their estate to a spouse without triggering potential federal estate taxes.
One of my gay friends, a financial planner, just posted to her Facebook page that her taxes are likely to go up by several thousand dollars. But she was happy, as she put it, to “take one for the team.”
More from Liz Weston:
The English words marriage and matrimony refer to a religious sacrament or celebration, performed by every religion on this planet. The concept of marriage existed before the concept of overreaching governments who now try to control our lives and buy our votes. No government has any right to dictate the meaning of the word marriage, married or matrimony.
Governments have no place in marriage and should not be issuing marriage certificates to anyone. The government’s roll should be only to issue a civil union certificate (a legal binding document) to all who seek one within the governments’ rules. All who are joined in a civil ceremony (of which marriage is one type) should be bound by all the same laws, the good and the bad that have traditionally been a part of a marriage.
Each religion on their own can decide whom they consider to be married in their eyes and the government has no right to control that decision.
No one should receive government spousal benefits unless they are in a legal and binding committed relationship. Corporations should be free to set there own rules beyond a civil union regarding extending benefits and should not be vilified because of those decisions.
You have not yet gained any benefits. You still can not get federal benefits until the federal government recognizes the individual state laws that grant the legal union. I expect it will happen, unless obo the idiot changes his mind again.
So now polygamy is legal too right? Everyone loves each other in a 3+ person marriage, you cannot discriminate against it, and you can procreate.
Benefits for polygamists. That's a lot of men and women, and a lot of kids. If gay is legal, this should be too right?
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