The $2.6 Billion Gay Wedding Boom
States in the Southeast that had banned gay marriage prior to last week’s Supreme Court decision legalizing it stand to gain the most from the ruling financially, according to a report compiled at the end of last year by the Williams Institute at UCLA and Credit Suisse.
The study found that states in the Southeast could see a total economic benefit of $733 million in the first three years after legalization of gay marriage, thanks to pent up demand and increased spending on weddings and tourism.
Researchers estimated that gay marriage spending nationwide could reach $2.6 billion over the next three years. Gay couples tend to have smaller weddings, with an average of less than 80 guests, according to TheKnot.
Related: How Gay Marriage Can Help Reduce the Deficit
Men spend an average of $15,992 on their wedding, while women spend an average of $13,055. More than 20 percent of gay couples spend more than $20,000 on their nuptials. The average opposite-sex marriage costs more than $31,000.
In addition to boosting consumer spending, which helps GDP, the ruling may also be a boon to federal coffers. While married couples now benefit from the financial protections of marriage, they also now have to pay the tax penalty.
The legalization of gay marriage in New York in 2011 led to an estimated $259 million in spending and $16 million in revenues for New York City, according to the mayor’s office.
GOP Tax Cuts Getting Less Popular, Poll Finds
Friday marked the six-month anniversary of President Trump’s signing the Republican tax overhaul into law, and public opinion of the law is moving in the wrong direction for the GOP. A Monmouth University survey conducted earlier this month found that 34 percent of the public approves of the tax reform passed by Republicans late last year, while 41 percent disapprove. Approval has fallen by 6 points since late April and disapproval has slipped 3 points. The percentage of people who aren’t sure how they feel about the plan has risen from 16 percent in April to 24 percent this month.
Other findings from the poll of 806 U.S. adults:
- 19 percent approve of the job Congress is doing; 67 percent disapprove
- 40 percent say the country is heading in the right direction, up from 33 percent in April
- Democrats hold a 7-point edge in a generic House ballot
Special Tax Break Zones Defined for All 50 States
The U.S. Treasury has approved the final group of opportunity zones, which offer tax incentives for investments made in low-income areas. The zones were created by the tax law signed in December.
Bill Lucia of Route Fifty has some details: “Treasury says that nearly 35 million people live in the designated zones and that census tracts in the zones have an average poverty rate of about 32 percent based on figures from 2011 to 2015, compared to a rate of 17 percent for the average U.S. census tract.”
Click here to explore the dynamic map of the zones on the U.S. Treasury website.
Map of the Day: Affordable Care Act Premiums Since 2014
Axios breaks down how monthly premiums on benchmark Affordable Care Act policies have risen state by state since 2014. The average increase: $481.
Obamacare Repeal Would Lead to 17.1 Million More Uninsured in 2019: Study
A new analysis by the Urban Institute finds that if the Affordable Care Act were eliminated entirely, the number of uninsured would rise by 17.1 million — or 50 percent — in 2019. The study also found that federal spending would be reduced by almost $147 billion next year if the ACA were fully repealed.
Your Tax Dollars at Work
Mick Mulvaney has been running the Consumer Financial Protection Bureau since last November, and by all accounts the South Carolina conservative is none too happy with the agency charged with protecting citizens from fraud in the financial industry. The Hill recently wrote up “five ways Mulvaney is cracking down on his own agency,” and they include dropping cases against payday lenders, dismissing three advisory boards and an effort to rebrand the operation as the Bureau of Consumer Financial Protection — a move critics say is intended to deemphasize the consumer part of the agency’s mission.
Mulvaney recently scored a small victory on the last point, changing the sign in the agency’s building to the new initials. “The Consumer Financial Protection Bureau does not exist,” Mulvaney told Congress in April, and now he’s proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter).
