With the Supreme Court decision regarding same-sex marriage, changes to the tax code are necessary.
Irvine, CA -- (ReleaseWire) -- 07/01/2015 --On Friday, the Supreme Court of the United States issued an epic 5-4 decision in Obergefell v. Hodges. The opinion of the court was that it is the legal duty of all states to issue a marriage license to a couple (of legal age) wishing to obtain one, regardless of gender and sexual orientation. The decision, in other words, made same-sex marriage legal on a federal level; states will no longer be able to deny same-sex couples the right to marry – if they do, they'll be in violation of federal law.
With changes in marriage law also comes the necessity of change in U.S. tax law. Senator Ron Wyden, a democrat from Oregon, is making plans to address this need.
Wyden Speaks Out About Changes to Tax Law
Senator Wyden told reporters on Saturday that following the change to federal marriage law, there's "a need for new federal tax and housing laws." For example, his legislation—which will be titled, "The Marriage Equality for all Taxpayers Act," will remove gender-specific language from the tax code. For example, instead of the reading, "husband and wife," the law would need to read, "married couple," or "spouse." Mr. Wyden also told reporters that, "It is high-time that Congress addresses the glaring fact that the tax code is replete with out-of-date references to marriage that no longer reflect the institution of legal marriage." Wyden did not get more specific, saying that he needed to talk with his colleagues first before revealing any other proposed changes to the media at large.
How The New Law May Affect Your Taxes and Your Estate
If you're in a same sex relationship or marriage in California, keep an eye out for Wyden's tax legislation, as it may have a big impact on how you file your taxes in upcoming years. If you have questions about same sex marriage in California and your federal taxes, or how the Supreme Court decision may affect how you plan your estate, make sure you read more about estate planning here: http://www.jgltaxlaw.com/planning.html. Then, contact a tax and estate planning attorney to help you figure out and plan your financial future.
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The Offices of James LeBloch is a professional law corporation that specializes in taxation, trust litigation, business and estate planning, and tax litigation. Located in Irvine, California, we're committed to providing the areas of Los Angeles, Riverside, and San Diego County with solutions to financial legal questions.