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

AARP Social security calculatorAARPfour steps to retirement savings 20% down paymentLovecouple financesRetirement IncomeTelepicturesmake saving a pleasurelong-term care premiumsCredit Card Rate Increaseget credit carduniversal college accessWarner Bros Television GroupJose RodriguezGiftHolidayUrbana-ChampaignSpendingstudent loan repayment plancommunity collegeretirementget the most out of social security enjoy saving Emergency SavingsStudent LoanMoneyretirement accountsFinancial AdviceWall Streettraditional vs roth 401(k)Communication Skills teens and moneyMotherTeach401Kyours, mine & oursGiftsswitch to roth 401(k)Holiday Seasonmobile appSuze approved8 month safety netSandy Hook Promisehome loan credit score below 740 wives should be involved in retirementfinancial independencepaying for collegeLong Term Care shoppinghome budget after tax costRichFinancial Solutions For Youverify retirement plan with HR or plan sponsorMortgage Credit Availability Indexmarriage financial responsibilityprovider of financial supportschool 401(k) ContributionsEasy Life Insurance Credit scoredebit cardCNBCBankPersonal Financebill paying prioritiesemergency fund savingsSchool of Social WorkHeartUniversity of IllinoisStudent DebtGracemoney vowsone credit cardPrime Rate Increasepercentage men widowed 75-84Holiday Shoppingmax employer matched 401(k) contributionmonthly benefit full retirement age8 Rulesraise insurance deductiblesame-sex marriagesavingsCivil Rightspresident Obamado you need life insuranceAshley SpringerCommencementCollege of Veterinary MedicineWashingtoncar loanFinal Goodbyeinsurance mistakestudent loan repayment estimatorhome buying mistakesbest loan deal FICO Scorealternative FICO scorestudent loan debtBaby BoomersExhibitionPhyllis Shelton expert long-term caresocial workPay Off Debt Before RetirementFundsChanging LivesForeclosureLong Term Care premiumslower mortgage interesttaxesNewtownFiscal Responsibilitythree year car loanLifestylehigher insurance deductiblecnbc alarm clockfinancial argumentsno tax on withdrawlsSuze Orman's Money Warssame sex marriage band end FloridaFinancial Gift Cliffincrease retirement contribution ratedream schoollive below your meansGoodbyeHow To Build CreditGay RightsOne Wallet At A Timehome ownershipMarlo ThomasYoung Adult studentSuze Orman spouse Kathy TravisVeterinary Schoolback door Roth IRAAlarm Clock2015 financial roadmapdebthome buying budgetretirement planpercentage of women widowed 75-84!00% tuition paidroth iraSandy Hook Elementary Schoolbuying a car3 step financial road mapInfluential CelebrityLTCUS Tax Codewaive home inspection bidInterestretirment savingstelevision hostRetirement SavingsteensInfluentialsBeautyconsider roth 401(k)Stock InvestmentsSuze Orman Scholarshiprent vs buysuccesscharges on credit cardinitial tax break advice for college graduatesFRAFinancial EducatorUniversity of FloridaFinancial CliffMoney-Saving8 month emergency fundprotect and provide for minor child ForbesFICO credit score credit card mortgageprotect dependent Free Debt EliminatorCredit Card Interest RatePost-DivorceLTC shoppingfinancing car PBS SpecialPrime Rate Rise 2015Financialcar leasingcostly insurance mistakeFederal Funds Rateretain separate credit cardsspecial saving accountForbes Top 10credit carddear suzeletter to suzewould you decline a bonuspush yourself to save more for retirementSave Us Moneylong-term care automatic withdraw to savings The Suze Orman ShowMoney MarketStudent Debt CrisisFinancial Systemget health insuranceemergency fund credit reportFinancial Awarenesswomen outlive mencollege graduateFinancial Awareness Video FestivalSuze Ormanunexpected expensemanage student loansgraduationgay marriage ban end Florida store credit cardsOverspendingcar buying mistakesCory Booker50 over 50Most Influential Celebrities Listsave Bankruptcydon't do five year car loanstudent loan repaymentLong Term Care Insurance marriage inequalityGay CouplesSatisfyinginsurance

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