Economic benefits of legalizing gay marriage

Twenty years after the first marriage licenses were issued to same-sex couples in Massachusetts, this brief describes the effects of legalizing marriage for same-sex couples in the United States on LGBT individuals and their children. Legalizing same-sex marriage communicates to millions of people across the country that gay relationships are of equal value to straight relationships, thereby helping to reduce intergroup prejudice and supporting cultural diversity.

An estimatedsame-sex couples have married since Obergefell. As these couples married, their weddings generated an economic boost for state and local economies nationwide. We estimate that wedding spending by these couples and their out-of-state guests has boosted state and local economies by an estimated $ billion and generated an estimated $ million in state and local sales. An economist looks beneath the same-sex marriage debate to the costs incurred by couples who can't marry, by regions that won't let them, and by the economy as a whole.

Chris and Renee Wiley pose. After the legalization of gay marriage, same-sex couples gained access to spousal benefits that many took for granted.

Legalization of same-sex marriage

This includes health insurance coverage, family leave, and more. But as a generation, millennials are waiting longer to get married, and much of it has to do with their sense of economic stability. The annual sales tax revenue amounts were adjusted to dollars 14 and added together to estimate sales tax revenue related to wedding spending over the 10 years.

An estimated In previous Williams Institute reports estimating the economic impact of marriage, 7 we calculated average out-of-state guest spending using the per diem rates for food and lodging set by the U. Average combined state and local sales tax rates by state, by year are available at Sales TaxesTax Found.

Boot Camp. In these studies, we assumed that each out-of-state wedding guest would purchase food and lodging for one day and one night and share a hotel room with another guest. It is a challenge to save that money as well as a down payment for a house, she said. This would be good for society as a whole, ministers have concluded, by helping to create "a more inclusive society where there is more choice and acceptance".

Lavish spending often accompanies a economic benefit of legalizing gay marriage, and so a large increase in the number of marriages taking place each year would create a significant boost to certain parts of the economy. Coalition unveils gay marriage bill. The main economic benefit from the legalization of same-sex marriage "is the potential for an increase in labor productivity," writes UBS economist Paul Donovan. In Junethe U.

Trade July 22. HOME Subscribe. We expect that if marriage is open to same-sex couples in England and Wales, couples especially from elsewhere in Europe will come here to get married here," it said. Food Wars. Economic stimulus. Sign up to receive our updates. Business Strategy. If the government's plans become law, the UK will join a select group of 12 countries where same-sex marriage is legal.

Societal benefits. The government assumes that they will need between two and seven hours' training each - "time which could have been spent on other tasks", it notes. Aside from the immediate economic effect of same-sex weddings, there are longer-term economic benefits tied to economic benefit of legalizing gay marriage in general. Lifestyle Entertainment.

The economic boost of wedding spending by same-sex couples and their guests since Obergefell has been distributed throughout the U. Money spent on weddings came primarily from the couples themselves, with some reporting that their families also contributed to their celebrations. This story is available exclusively to Business Insider subscribers.

Hodges extended marriage equality nationwide. Tech Science. As these couples married, their weddings generated an economic boost for state and local economies.