Friday, December 4, 2009

Estate Tax Bill Passed in House Doesn't Spell "Relief" for Same-Sex Couples

12/04/09 Huffington Post, by Michael Steinberger and Naomi Goldberg:
Currently, when one member of a same-sex couple dies, regardless of their legal marital status, there is no possibility for a spousal exemption from federal tax, a benefit that all different-sex married couples enjoy. A surviving same-sex spouse is required to pay taxes (currently 45%) on any amount over the current exemption rate (currently $3.5 million) ... A recent study conducted by the Williams Institute at UCLA Law School found that same-sex couples who are affected by the estate tax are assessed an average of $3.3 million more in taxes upon the death of a spouse than comparable different-sex married couples.

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