We love that Minneapolis Mayor R.T. Rybak is bringing his gay marriage pitch to Wisconsin. Rybak has planned a new ad campaign inviting gay & lesbian couples from Wisconsin to travel to Minneapolis to get legally married. When gay marriage passed in Massachusetts in 2004 we had to deal with Mitt Romney who was governor at the time who implemented a 1913 state law banning out of state marriages. In doing so he caused the Commonwealth of Massachusetts to lose millions of dollars in revenues until Governor Deval Patrick lifted the ban in 2008. Other states where gay marriage is the law have also recently launched marketing campaigns to encourage LGBT couples to wed in their states. Now that the IRS has made it legal for any married gay or lesbian couple to receive the same rights benefits & protections as heterosexuals, thousands of gay & lesbian couples are headed for the altar. However, there are 3 things you should know before taking the plunge. Yes gay married couples can take advantage of many benefits that help their finances in the long run, however, there are 3 instances in which one or both partners could be worse off once they get married. First you become liable for your partner’s debts, secondly the income tax “marriage penalty” & thirdly your income becomes community property which means giving up some control. The marriage tax penalty is when both partners are in the 28% tax bracket or higher. Then you may actually pay more in taxes together than you would singly. At the very least it’s something to review with your tax preparer so that you know what the impact will be & possibly find some ways to alleviate it.
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