The U.S. Supreme Court’s decision to overturn the core of the Defense of Marriage Act will narrow the financial gap between gay and straight couples.
The court’s 5-4 decision yesterday that the law violates the U.S. Constitution’s equal protection guarantee overturns the Bill Clinton-era law that defined marriage as between a man and a woman.
Gay couples who live in states where they can legally marry will be able to file joint federal tax returns, won’t be liable for estate taxes on the death of the first spouse and can receive advantages other married couples have involving health care, retirement savings, Social Security and transfers of property.
Source: Bloomberg. Read full article. (link)