8 Ways Legalizing Same Sex Marriage Is Good For The Economy

Legalizing same-sex marriage can be politically beneficial for lawmakers, considering about half of Americans say they are in support of it. But marriage equality has its economic incentives as well.

Here are 8 ways legalizing same-sex marriage is good for the economy:

It would help curb the deficit: A widely-cited 2004 analysis from the Congressional Budget Office estimated that legalizing same-sex marriage nationwide would have a small, net benefit to the national budget's bottom line.

It would boost tax revenues: Legalizing same-sex marriage would bring in between $20 million and $40 million more per year in taxes, according to a December paper from University of Michigan economist Adam Stevenson.

It helped NYC's economy: In the first year that gay marriage was legal in New York City, the city reaped $259 million, thanks to license fees and wedding-related spending, according to CNNMoney.

It would alleviate payroll headaches for many businesses: According to PBS, many companies argue that by not legalizing same-sex marriage, the U.S. is hindering their competitiveness by creating more administrative hurdles. For example, states where same-sex marriage isn't legal have different tax laws for same-sex versus opposite-sex couples.

It can boost struggling state economies: If California were to legalize same-sex marriage, it would generate $123 million for the state economy during the first three years same-sex marriage is legal, according to a 2005 Stanford study cited by the Fiscal Times. And the state could certainly use the money; California has been mired in a budget crisis for years. In Massachusetts, legalizing same-sex marriage has generated en estimated $111 million over the first five years same-sex marriage was legal, according to CNNMoney.

It will cut spending on government safety net programs: Marriage makes people more financially stable and less likely to qualify for government assistance, Bloomberg reports. Therefore, legalizing same-sex marriage would save the government hundreds of millions per year in welfare funding, according to Bloomberg's Josh Barro.

More weddings mean more money: A recent study from the Williams Institute at UCLA estimated that same-sex weddings would boost the economies in Maine, Maryland and Washington by $166 million over the next three years.

Lots of major corporations think it's a good idea: More than 60 companies, including Apple, Nike and Morgan Stanley, signed onto a brief submitted to the Supreme Court supporting same-sex marriage in February, according to Fortune. The companies argued that keeping same-sex marriage illegal made it difficult for them to recruit and hire top applicants. One major executive at Goldman Sachs almost considered leaving the country because states' differing same-sex marriage laws put his partner's student visa in jeopardy after they married.

CORRECTION: An earlier version of this post incorrectly stated that legalizing same-sex marriage would boost California's economy by $123 billion over three years. It would boost it by $123 million, according to a 2005 Stanford study.