Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Gay Americans pay more taxes for fewer rights

February 25, 2013 at 7:00 AM

(CNN) -- That nine states and the District of Columbia have legalized same-sex marriage is encouraging progress for those of us who believe that everyone deserves to have basic civil rights. But, even if every state in the country could pass a similar legislation, it would not be enough. What we need is for our federal government to step up and make this basic right a law of the land.

Beyond the social discrimination, the refusal of our federal government to legally recognize same-sex marriages imposes steep financial penalties on same-sex couples. That two of the most costly penalties are triggered upon the death of one partner just adds to the ache of the senseless discrimination.

I have been with my partner, Kathy Travis, for 12 years. If I am lucky I will spend the rest of my life living and sharing my joys and happiness with her. We have worked very hard as a team to save for our future together and consider everything we have as equally owned by the other.

If the federal government recognized same-sex marriage, then when one of us dies our assets would seamlessly transfer free of tax to the survivor. That's a basic right that every heterosexual married couple has.

Suze Orman is a personal finance expert and hosts

But because there is no federal recognition of same-sex marriage, if I die first, or vice versa, before either of us can inherit what is now jointly our assets, there would be a federal estate tax bill that one of us would currently have to pay. Again, to be clear: If we were a heterosexual married couple, there would be no estate tax regardless of the size of the estate or who died first.

This spring, the Supreme Court will weigh in on the constitutionality of the federal Defense of Marriage Act. The Court needs to do the right thing and end discrimination against gay couples.

Read the full article

Tag Cloud

Retirement IncomeAuto Savings is it necessaryholiday spendingdon't use allowance as bribeThe Suze Orman Showclosing feesdoctor no longer in networkkids schedule paymentscontribute household expenses focus on new truth federal student loan deferment ExhibitionFinancial EducatorSchool of Social Workverify wellness screening and programsFHA loan fees4 Must Have Documents Eric Dodge HSA tax savingsInfluentialsconsider roth 401(k)financial fearsletter to suze3 step financial road mapswitch to roth 401(k)Suze Orman spouse Kathy Travisdental discount planpositivepublic service loan forgiveness programdental savings plannot enough life insurancebetter loan ratesautomatic withdraw to savings bad decisionssidelinedbalance transfer overcome financial fears19 years cash flow problemUrbana-ChampaignFederal Funds Ratecredit cardPost-Divorceescrowsocial security never insolventno interestpercentage men widowed 75-84marriage financial responsibilityreal estate marketlong-term care Phyllis Shelton expert long-term care2015 record year car salesFinancial Adviceprotect and provide for minor child Gay Rightscommunity collegemonthly dental insurance premiumbe kind to yourselfignore 6 month grace period same sex marriage band end Floridapremiumincrease retirement contribution rateCredit scoresame-sex marriageAshley Springernegotiate points with bank or sellerdeath benefit needs for familyhome ownership20% equitySuze Orman's Money Warsbe true to yourselfprotect dependent standard deduction closing costs 2% of loanbest interest ratesface your financial fearheartachetitle insurancepresident Obamaloan no longer than 36months40% toward financial goaloverspend on dining outbuying car 2016college studentsuccessgift grandchild IRA contributionshort term goal 2016 adjust estimated taxmoney-aware childdon't cover cosmetic dentistrypaid in fullwrite new goalHolidayadd teenprovider of financial supportcar loanlong term carelow down paymentStudent LoanLTCno splurge home loan credit score below 740 dangerous money seasoncreate new truthprotect loved ones powerfulwomen live longerTelepicturesdon't buy wantsget the most out of social security Holiday Seasonphysical healthraise deductiblesback-to-school budgetprescription tierGoodbyeLong Term Care Insurance age appropriate chorelive below your meansautomatic paymentchildren under 18lower overall drug coststore credit cardsInfluential Celebrityonly offered while employed valentines dayincrease retirement savingsget credit cardincentives for health care wellness screeninglong-term care premiumsultimate compounding giftretirementmortgage interest tax deductionsecure creditadjust allocations costly insurance mistakefour steps to retirement savings student loan repayment estimatoruniversal college accessspecial saving accountpermanent life insuranceCiti Simplicity Card mortgageCory BookerFundsmortgage brokerbig results HDHP under 18 financial giftdo you need life insurancebest loan deal graduationStock Investmentsmaintain standard of livingwomen outlive menCollege of Veterinary Medicinecan you afford itbe good exampleswitch to spouse coveragelousy investmentIRA contribution gifted moneyFICO at least 720Financial Power of Attorneycnbc alarm clockmoney vowsgift up to 14,000Warner Bros Television GroupForbescalculate dependents annual income needsis it true? teenssave moneyHeartzero rate transfer dealsavoid burn outno private loanemployer funding HSAStudent Debt Crisisbudgetlow-cost index mutual fundtraditional vs roth 401(k)percentage of women widowed 75-84Staffords this year have a fixed 6.8% interest rateback door Roth IRAStudent Debtcredit unionbuy down savings pleasureRevocable Living Trustnew carcompare monthly expensesloved ones dependent on incomeage appropriate goals10 year repayment plan higher insurance deductibleget over life insurance phobiahousing marketteach your child good money habitsmonthly benefit don't do five year car loanTeachenjoy saving Intereststudent loan repaymentpay interest while in schoolNew York Lifestandard rateemotional stakescomparison shoppingdangerous retirement planlet them have 50% controlearn allowancekeep a scheduleMarlo ThomasMotherConventional loan PMIprotect your familyalways use all paid time offtax ID thefthome insuranceAccuQuote.comtake actionsecured cardbetter loan dealsreal estate mistakes3 bucket approachallowance taskHDHP'sdebit cardcar buying mistakesnot gender specific raise insurance deductiblepay down car loandon't charge a pennypoint cost offset by savingsSuze Orman ScholarshipGraceno waiting period2015 financial roadmapsetup automatic savings withdrawdream schoolresponsibleSave Us Moneymax benefit coveredkid borrow firstMost Influential Celebrities Listmax employer matched 401(k) contributionopen enrollment review automate student loan paymentswould you decline a bonusidentity fraudemergency fund savingsanticipated salary!00% tuition paidRetirement Savingscar leasingGiftteens and moneycredit reportshop online guaranteed level term policyFinancial Cliffcut monthly cable bill15-year refinance dealChanging Livesapproved medical 100% tax-freeBaby BoomersFinancialSuze OrmanHDHP's are good for youfinancial goal phrasealternative FICO scorequick closingoverspend on gifts6 month waiting periodPrime Rate IncreaseFiscal Responsibilitythree year car loanPBS Specialdebtonly refinance if it payspay credit debt ASAPitemized deduction2016 adjust withholdingretirement planmarriage inequalitywives should be involved in retirementbuy homecut monthly cellular billlower ratelow credit score3% debt transferred mobile appNewtownco-sign allowancerising home priceshome buying mistakesinsurance mistakepay 100% cashadvice for college graduatesrequired disclosureat worst still pay 75% benefitstay positiveFinal Goodbyestudentreduce monthly paymentFICO ScoreMoneylower premium20% down paymentlower mortgage interestexercise reguarlyemployer offered life insuranceadult childrendebt freeFRAFinancial Awareness Video Festivalretirment savingsgrandchild summer job IRA contributionETF'sfile asapiffy incomeloan is giftjuggle multiple financial goalsfamily save at least $100 monthlyMoney-Savingspeak new goalrepay student loansrent vs buypaid vacationloan necessityHDHP/HSAconfidentleave a legacySatisfyingOverspendinghigh FICO scorepay off debtcollege graduatelife insurancehome buying budgetUS Tax Codehome related tax break bonus do not pay allowance for good behaviorcouple financesinsurance yearly reviewlearn good financial choices3 savings buckets LTC shoppingGay CouplesLTCi ASAPhome budget after tax costJose Rodriguezrequire chore in exchange for allowancepaying for collegeinitial tax break reduce interest ratederailed planhigh deductible health care planwaive home inspection bidconfident of solutiondon't spend Suze is my biggest mentorplanAARPno sneaking in feesinterest on student loansgay marriage ban end Florida financial argumentstaxesdeath benefit 20 to 25 times annual incomehealthy retirement blood pressureBankVeterinary Schoolno tax on withdrawlsCNBCretirement accountsUniversity of IllinoisBeautysmall changes Young Adult property taxAlarm Clockworst financial mistakeCommunication Skills know before you oweForbes Top 10unsubsidized Stafford loanhigh premiumsfull retirement ageSandy Hook PromiseAdequate Auto and Home Insurancedon't defer interest paymentsEasy Life Insurance mental healthcost of capitalization calculatorstretch out haircut appointmentsBankruptcyFinancial Solutions For Youpay more than minimumbuy home you can affordsocial security not going brokesocial workone annual feeRoth 401(k)Loveno retirement funds for down paymentrefinanceget health insuranceGiftsis it necessary?20% down payment avoid fees10% donate to charitycontribution student loan repayment planHow To Build CreditRichstudent loan debtdear suzeOne Wallet At A Timehealthy aging purely financial standpointAmericans don't use all paid vacation time50 over 50gift not loanDurable Power of Attorney for Health Care8 Rulesbuying a carUniversity of Floridadon't ignore open enrollmentretain separate credit cardsschool financial independenceWashington401(k) Contributionsoverspend on nights outCredit Card Interest Ratepreexisting condition not coveredAARP Social security calculatorSelectQuote.comvalue moneyFree Debt Eliminatorfraudulent returnpay high rate off firstwomen longer life spanEmergency Savingsmax employee matchmortgage disclosurepush yourself to save more for retirementtelevision hostPay Off Debt Before Retirementnear historic lowsFinancial Awarenesssavingsborrow each year, capitalization is going to pile up no negativityfinancing car save Sandy Hook Elementary SchoolLong Term Care premiumscharges on credit cardemergency fund HDHP's are not badinsurancebill paying prioritiesFICO credit score credit card mortgagelong term goalno life insurance financially irresponsibledon't derail retirement savingsCredit Card Rate Increase401Kyours, mine & oursbetter termsCivil Rightsdental insurance one credit cardreferrals manage student loansfinancial concernjanuary billsSpendingCommencementMass Mutualpublic service career student loan repayment focus on needsLong Term Care shopping8 month emergency fundSuze changed my lifeteach importance of helping otherspay down student loan debtFinancial Gift Cliffsummer job match income meet monthly commitincrease emergency savingsmake saving a pleasureLifestyleno late fee closing disclosureMortgage Credit Availability IndexMoney Marketdoctors in networkverify retirement plan with HR or plan sponsorSuze approvedcredit managementreplace permanent life insurance with termwomen long term careHoliday ShoppingPrime Rate Rise 2015become member term insuranceroth iraWall Streetritual scheduleAmy Lacyetdepreciating asset unexpected expenselowest cost fund optionbad retirement planningEmployer Matched Contributioncommunity bankis it kind?New american Dream breakdown projected monthly housing costgrandparent IRA contribution rolloverborrowing plan Financial Systeminterest capitalizationterm life insurancedon't extend mortgage no fee transferdon't blow tax refundPersonal Financeorigination feesmultiple lendershealthy retirement weight8 month safety netInvest for savings growthloan big picture responsible with moneyForeclosure


View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2016 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel