Thursday, October 24, 2013
Besides social and civil rights reasons, there may be economic reasons to allow same-sex marriage as well.
According to a recent study, New Jersey’s recent decision to allow same-sex marriage will generate economic gains of $48 to $119 million for the state over the next three years. Another study predicts that Illinois would generate an extra $103 million for the state over the next three years if it were to allow same-sex marriage.
Most of the money injected into the economy because of this “gay marriage stimulus package” comes from the short-term spending on celebrating their nuptials. Some experts also predict same-sex couples will benefit the economy over time, “since they will get long-term savings from filing joint tax returns, and no longer have to pay extra taxes on employer-provided benefits.” However, legalizing same-sex marriage could increase the cost to businesses of providing health insurance as well as having the federal government pay out more in Social Security spousal and survivor benefits.
See Quentin Fottrell & Kelli B. Grant, The Gay Marriage Stimulus Package, MarketWatch, Oct. 21, 2013.