- Days left
same sex weddingGay marriage may be gaining support; not because of a shift in philosophical or moral values, but because states need the bucks. According to a recent study by the Williams Institute at UCLA School of Law, the law allowing same-sex couples to marry in Maine would have boosted the state budget approximately $8 million per year. This net impact would result from an increase in state income and sales tax revenue as well as savings in expenditures on state public benefit programs.

In calculating the net benefit to the State, the study predicted that half of Maine's 4,644 same-sex couples, or 2,316 couples, would have married in the first three years of being able to do so. The study also projected that 15,660 non-resident same-sex couples would have come to Maine to marry. Reportedly, same-sex weddings and associated tourism could have generated $60 million in spending over three years, providing a boom to Maine's economy.

Unfortunately for the state coffers, voters overturned the same sex marriage legislation last November.
Other states are taking note, however. Iowa's Supreme Court upheld the right of same sex marriage in 2009 and it may prove to be very lucrative. The Williams Institute at the UCLA School of Law estimated that Iowa had 5,800 same-sex couples in 2005, and a 2008 study predicted that more than 2,900 of Iowa's same-sex couples would marry in the first three years of legalizing gay marriage. Based on experiences of other states that allow same-sex union, the institute estimated about 55,000 gay and lesbian couples would travel to Iowa to marry during that period. That's a lot of cash coming into the economy.

Gay marriage may be to the state's budgets what the lottery was 20 years ago. Certainly, the issue of gay marriage remains very controversial. Focus on the Family founder James Dobson cautioned in 2005, that gay marriage "will bring the destruction of this nation." But in the states where it has been legalized, it's been more positive than negative in many ways.

Gay couples spend an average of $7,500 per wedding and invite friends and family for the event. Many couples have chosen to remain in the state where they were married because it affords them legal protection. While the majority of Americans still oppose gay marriage, it may be a battle that doesn't make sense long term.



How is the health of your relationship? Found out at Relationship Tips.

Increase your money and finance knowledge from home

Goal Setting

Want to succeed? Then you need goals!

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

TurboTax Articles

Ways To Increase Your Tax Refund You Never Thought About

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.

Add a Comment

*0 / 3000 Character Maximum