The legalization of civil marriage for same sex couples is something that has a lot of benefits, including economic benefits, and I came across an interesting article today over at The Huffington Post that listed 8 ways that legalizing same sex marriage is a good thing for our economy. Here are those 8 things:
It would help curb the deficit: A widely-cited 2004 analysis from the Congressional Budget Office estimated that legalizing same-sex marriage nationwide would have a small, net benefit to the national budget’s bottom line.
It would boost tax revenues: Legalizing same-sex marriage would bring in between $20 million and $40 million more per year in taxes, according to a December paper from University of Michigan economist Adam Stevenson.
It would alleviate payroll headaches for many businesses: According to PBS, many companies argue that by not legalizing same-sex marriage, the U.S. is hindering their competitiveness by creating more administrative hurdles. For example, states where same-sex marriage isn’t legal have different tax laws for same-sex versus opposite-sex couples.
It helped NYC’s economy: In the first year that gay marriage was legal in New York City, the city reaped $259 million, thanks to license fees and wedding-related spending, according to CNNMoney.
It can boost struggling state economies: If California were to legalize same-sex marriage, it would generate $123 million for the state economy during the first three years same-sex marriage is legal, according to a 2005 Stanford study cited by the Fiscal Times. And the state could certainly use the money; California has been mired in a budget crisis for years. In Massachusetts, legalizing same-sex marriage has generated en estimated $111 million over the first five years same-sex marriage was legal, according to CNNMoney.
More weddings mean more money: A recent study from the Williams Institute at UCLA estimated that same-sex weddings would boost the economies in Maine, Maryland and Washington by $166 million over the next three years.
It will cut spending on government safety net programs: Marriage makes people more financially stable and less likely to qualify for government assistance, Bloomberg reports. Therefore, legalizing same-sex marriage would save the government hundreds of millions per year in welfare funding, according to Bloomberg’s Josh Barro.
Lots of major corporations think it’s a good idea: More than 60 companies, including Apple, Nike and Morgan Stanley, signed onto a brief submitted to the Supreme Court supporting same-sex marriage in February, according to Fortune. The companies argued that keeping same-sex marriage illegal made it difficult for them to recruit and hire top applicants. One major executive at Goldman Sachs almost considered leaving the country because states’ differing same-sex marriage laws put his partner’s student visa in jeopardy after they married.