Suze Orman, Financial Guru
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
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

Financial EducatorWashington8 month emergency fundincentives for health care wellness screeningcostly insurance mistakeFederal Funds Ratefull retirement agefinancial independencetelevision host2015 financial roadmapvalue moneyMoneyBeautypercentage of women widowed 75-84overspend on giftsVeterinary SchoolUrbana-ChampaignWall Streetconsider roth 401(k)Student DebtCredit scoreCommencementknow before you oweCollege of Veterinary Medicinecommunity collegeignore 6 month grace period required disclosureget credit cardSuze is my biggest mentorLTC shoppingMost Influential Celebrities ListGay Rightsprotect dependent Financial Cliffstudent loan repaymentfinancing car is it necessarylower mortgage interestFICO credit score credit card mortgageAccuQuote.comHolidayCivil Rightsultimate compounding giftFree Debt EliminatorCommunication Skills store credit cardsstudentFinancial Solutions For YouStaffords this year have a fixed 6.8% interest rateSave Us Moneyfinancial argumentsrent vs buypush yourself to save more for retirementBaby BoomersSuze Orman Scholarshipretirement accountsmoney vowsSuze changed my life40% toward financial goalEmergency Savingsstudent loan debtno life insurance financially irresponsibleFinancial AwarenessFRAhome loan credit score below 740 employer funding HSAUniversity of Illinoisincrease retirement contribution ratelower premiumis it kind?cnbc alarm clockemergency fund savings3 step financial road mapdeath benefit needs for familyOverspendingbig results AARP Social security calculatorcut monthly cellular billprotect loved ones is it true? bill paying priorities50 over 50Eric Dodge physical healthThe Suze Orman Showworst financial mistakeSandy Hook PromiseSuze OrmanYoung Adult shop online guaranteed level term policyritual scheduletaxesunexpected expensesmall changes mortgageinterest capitalizationlet them have 50% controlGiftFundsRetirement Incomeretirment savingshome buying mistakesAshley Springeris it necessary?Lifestylesame sex marriage band end Floridagift grandchild IRA contributionpermanent life insurancesocial security not going brokeForbesjanuary billsAARPholiday spendingprotect your familysave verify wellness screening and programsAmy Lacyetcar buying mistakesletter to suzeprovider of financial supportmaintain standard of livingPersonal FinanceIRA contribution gifted moneyJose Rodriguezconfident of solutionbad retirement planningSuze approvedcouple financesmental healthPrime Rate IncreaseHoliday Shoppingdeath benefit 20 to 25 times annual incomeinitial tax break savingsautomatic withdraw to savings student loan repayment estimatoronly offered while employed wives should be involved in retirementno tax on withdrawlscost of capitalization calculatorgrandparent IRA contribution insurance yearly reviewCNBCBankstudent loan repayment planunder 18 financial giftAmericans don't use all paid vacation timedangerous money seasonone credit cardChanging Livesmake saving a pleasureLong Term Care shoppingHoliday Seasonraise insurance deductibleMortgage Credit Availability Indexgay marriage ban end Florida traditional vs roth 401(k)paid vacationFiscal Responsibilitychildren under 18SatisfyingLoveSuze Orman spouse Kathy Travisrequire chore in exchange for allowanceMoney Marketenjoy saving Exhibitionmobile appat worst still pay 75% benefitwaive home inspection bidgrandchild summer job IRA contributionget the most out of social security monthly benefit emergency fund Financial Awareness Video FestivalPay Off Debt Before Retirementsocial work20% down paymentFinal Goodbyeteach importance of helping otherssave moneySelectQuote.comUS Tax CodePost-Divorcehome ownershipmarriage inequalityemployer offered life insurancesocial security never insolventHDHP's are good for youInfluentials10 year repayment plan Money-Savingdream schoolHow To Build Creditnot enough life insuranceunsubsidized Stafford loanautomate student loan paymentsoverspend on dining outGoodbyeRetirement Savingshigh premiumsget health insuranceterm life insurancealways use all paid time offRichfour steps to retirement savings no sneaking in feesterm insurancelive below your meansdon't ignore open enrollmentspecial saving accountdoctors in networkInterestSuze Orman's Money Warshome budget after tax costInfluential Celebrityloved ones dependent on income!00% tuition paidForbes Top 10high deductible health care planSpendingdon't defer interest paymentsthree year car loaninsurancecredit reportback door Roth IRAbuying a caradvice for college graduatesfamily save at least $100 monthlydo you need life insurancebe kind to yourselfpublic service career student loan repayment car loanmortgage disclosureMotherPhyllis Shelton expert long-term careFICO ScoreGay CouplesSchool of Social Workmax employer matched 401(k) contributionoverspend on nights outcomparison shoppingdo not pay allowance for good behaviorage appropriate choreloan big picture protect and provide for minor child breakdown projected monthly housing costcut monthly cable billUniversity of Floridabe true to yourselfHDHP'sLTCroth iraCredit Card Rate Increasesame-sex marriage401(k) Contributionsverify retirement plan with HR or plan sponsorFinancial AdviceSandy Hook Elementary Schoolteach your child good money habitsHSA tax savingssuccessswitch to spouse coverage19 years cash flow problemraise deductiblesapproved medical 100% tax-freecar leasingpublic service loan forgiveness programlearn good financial choicesPrime Rate Rise 2015retirement planinterest on student loanscalculate dependents annual income needslong-term care premiumsopen enrollment review president Obamapay interest while in school10% donate to charityCory BookerWarner Bros Television Groupinsurance mistakeFinancial SystemNewtownretirementalternative FICO scoreCredit Card Interest Ratestretch out haircut appointmentsteens and moneymarriage financial responsibilitygraduationdon't use allowance as bribeForeclosureyours, mine & oursLong Term Care premiumsLong Term Care Insurance paying for collegecredit cardavoid burn outcollege graduateFinancial Gift Cliffdear suzeGraceTeachStock InvestmentsdebtMarlo Thomashigher insurance deductiblewomen outlive menpercentage men widowed 75-84debit carduniversal college accessFinancialschool long-term care borrow each year, capitalization is going to pile up One Wallet At A Timeget over life insurance phobia8 month safety netcharges on credit cardStudent Loanfederal student loan deferment home buying budgetdon't do five year car loanHDHP's are not badteensPBS SpecialStudent Debt Crisis401Kbest loan deal retain separate credit cardsHDHP switch to roth 401(k)would you decline a bonusBankruptcyreplace permanent life insurance with termTelepicturesmanage student loansNew american Dream Alarm Clockkeep a scheduleEasy Life Insurance Gifts8 RulesHeartdoctor no longer in network

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
© 2015 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel