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Tax Boon Could Be Coming After Same-Sex Marriage Legalization

The controversy surrounding the United States Supreme Court's late June decision to legalize same-sex marriages in all 50 states is still ongoing. From county clerks refusing to give out same-sex marriage licenses to celebrants rallying under a rainbow-colored flag, the strength behind either side does not seem to show any sign of lessening. A recent report from the UCLA School of Law's Williams Institute, however, might solidify the ground supporters stand upon and pacify some of the protestors.

The Williams Institute has been tracking the financial effect same-sex unions have had on individual states since 2001, and they used their past data to make a prediction for the upcoming years. Based on their projection, same-sex marriage legalization nationwide could generate upwards of $184.7 million annually in state and local taxes. A number that large is sure to appeal to people on both sides of the decision.

Where is the Money Coming From?

It is no secret that everything surrounding a marriage can be pretty expensive. Wedding planning, wedding days, honeymoons, and even bachelor and bachelorette parties can cost thousands in the end. With same-sex couples nationwide now being able to get legally married, it is safe to assume they will also enjoy in the aforementioned ceremonies, generating a huge boon for the wedding industry. The bonus business means more taxes collected at the end of the year.

Married couples are also far more likely to purchase a home, or even start up a small business. Additional resources should be gathered from an increase in these markets as well. Although, it is more difficult to predict a ballpark number in this regard.

If the controversy of the Supreme Court's decision is causing you to hesitate in regards to dealing with same-sex family law issues, including filing for divorce, you can rely on the Law Offices of John Joseph Buckey, Jr. & Associates to help you make sense of your legal options. With more than 20 years of legal experience, we have been able to help families sort through even their most troubling of issues, all without losing focus on our clients' needs. Schedule your free initial consultation with us today.

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