Tags: Same | Sex | More | Taxes

CNN: Same-Sex Families Pay Thousands of Dollars More In Taxes

By    |   Wednesday, 28 Dec 2011 07:50 AM

Marriage is often linked to financial benefits. But, a CNN analysis found that when it comes to taxes, same-sex couples are often big losers.

President Barack Obama ordered U.S. diplomatic missions and federal agencies working abroad to fight against international discrimination against gays, lesbians, bisexuals and transgender individuals, The Washington Post has reported.

However, as the nation prepares to move into tax season, it appears these same individuals may be set to face discrimination of sorts here at home.
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According to the research of CNN tax specialists, same sex spouses are paying as much as $6,000 a year in extra taxes because the federal government doesn't recognize gay marriage.

In addition to often facing higher tax bills because they are unable to use the “married filing joint” status, CNN Money says many same-sex spouses don't qualify for the same marital exemptions given to other families for inheritance taxes and gift taxes.

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President Barack Obama
(Getty Images photo)
In addition, same-sex households receive lower tax exclusions for capital gains on the sale of a home (unless the home is jointly owned and each spouse qualifies for the exclusion), CNN Money adds.

Obama said no country should deny people their rights because of who they love, which is why we must stand up for the rights of gays and lesbians everywhere, says The Washington Post.

However, there appears little that can be done to provide equal treatment to same-sex couples under the U.S. tax code.

CNN Money says the federal government is constrained by the 1996 Defense of Marriage Act.


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Marriage is often linked to financial benefits. But, a CNN analysis found that when it comes to taxes, same-sex couples are often big losers. President Barack Obama ordered U.S. diplomatic missions and federal agencies working abroad to fight against international...
Same,Sex,More,Taxes
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2011-50-28
Wednesday, 28 Dec 2011 07:50 AM
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