August 06, 2013
On June 26, 2013, the Defense of Marriage Act, which is the law barring the federal government from recognizing same-sex marriages legalized by the states, is voted 5-4 from the Supreme Court as unconstitutional,
This means that couples regardless of their sex, can marry making a whole new set of benefits available to these newlyweds. Some benefits however will come at a reduced expense or decrease of income.
Currently, married filing jointly means that total income could be taxed and increase the tax burden of both individuals. Most couples share similar incomes, however, many newly married couples may not get the tax benefits they had if they filed as individuals.
Health coverage for new couples won't be classified as domestic partner health benefits, or basically taxable income. Now, health benefits will be classified as a workplace benefit, giving them the same tax break as current heterosexual couples.
A big one for new same sex married couples is the Social Security retirement and death benefits. Obviously, retirement benefits are dependent on earnings and are dependent on how much the spouse works. Basically, good luck runing the calculations on this benefit.
Whether or not you agree with the Supreme Court's ruling on same sex marriage, the changes and benefits for same sex couples are cheered and celebrated as a secondary achievement.
For those who are the wedding industry, get ready, bells are ringing for thousands of couples around the US.
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