Suze Orman: U.S. Tax Code a 'Travesty' for Gay Couples
Personal finance expert Suze Orman, who is married to her female partner, took aim at the U.S. tax code's treatment of gay couples, calling it "a travesty."
Personal finance expert Suze Orman, who is married to her female partner, took aim at the U.S. tax code's treatment of gay couples, calling it "a travesty."
If the Supreme Court overturns the federal Defense of Marriage Act, some married same-sex couples could save $8,000 or more in income tax.
2012 was a banner year for the gay marriage movement, but there's still a shadow hanging over the celebrations of those victories: In the eyes of the federal government, couples in legal same-sex marriages are still single. Here's how that affects their taxes.
Arguments in favor of gay marriage are typically centered on ideas of justice. But there's also a strong financial case to be made for giving gay and lesbian couples marriage equality, and that case is winning support from major business leaders.
Though same-sex marriage and gay civil unions are legal in 13 U.S. states, the federal rights that traditional married couples enjoy still don%u2019t apply to such unions. That means that it's critical for same-sex couples to get their paperwork and plans in order.
In the past, Chick-fil-A has tended to hedge its position on gay marriage rather than risk offending patrons of its 1,600 fast-food chicken restaurants. That's become more difficult now.
Equal rights for lesbian, gay, bisexual, and transgender Americans is often viewed as a moral issue, or a religious one. But in many ways, it's a financial issue, as well -- one that leaves same-sex couples paying thousands of dollars more every year to the IRS in taxes.
It's matrimony's version of a financial stimulus program. The moment Jose Matos proposed to Juan Estrada after New York approved same-sex marriage, the pair joined thousands of gay couples expected to boost the state's economy. Caterer? Check. Flowers? Check. Engraved invitations? Yup.
Public support for same-sex marriage is on the rise as attitudes apparently shift among some Catholics and Protestants, Pew Research Center said today. It also cited the effect of the under-30 generation as offsetting opposition to same-sex marriage from older people.
In Wednesday's legal news, the Texas Attorney General has appealed a judge's decision to grant a divorce to two men who were married out of state; the SEC vows to pursue overseas ratings fraud; and companies that incorrectly claim their products are patented can be sued for $500 per product.
Target's efforts to make nice with the gay community fizzled after it rejected proposals to donate money to gay-rights groups to offset an earlier donation helping the election of a conservative, anti-gay Minnesota gubernatorial candidate.
Barclays agreed to pay $298 million to settle criminal charges that it did business with countries like Cuba, Iran, Libya and Sudan, violating U.S. economic sanctions against these nations. Barclays is just the latest in a string of banks that have transacted with such countries.
DailyFinance staffer Jeanmarie Todd sees Wednesday's ruling by Judge Vaughn Walker, which thoroughly dismantled California's infamous Proposition 8, as a victory for marriage equality and simple human decency. But you probably won't guess how she's celebrating this gay and human rights milestone.
In the Prop 8 case, a Federal judge in California scrutinized the facts presented during the trial to reach a historic conclusion: Gay marriages are just like straight ones. The logic is compelling. Will it hold water at the Supreme Court?












