Same sex marriage is legal in these 33 countries, this is how the economy gets a booster. - Newztezz Online


Tuesday, October 17, 2023

Same sex marriage is legal in these 33 countries, this is how the economy gets a booster.

There is a debate in India regarding same sex marriage. But do you know that there are many countries in the world where this law is legal. Same sex marriage acts as a booster for the economy of many countries. Let us know how the economy gets a boost from same sex marriage.

The Supreme Court of India has given its verdict on same sex marriage. The five-judge bench of the Supreme Court has given a mixed verdict. The Supreme Court has made it clear that it cannot be given legal recognition in India. However, same sex marriage has been recognized in 33 countries of the world including America. At the same time, its economic impact has also been seen to be much better. When same sex marriage was declared legal in Taiwan, many multinational companies present in the country also talked about its economic impact. According to research reports, same-sex couples should get the same rights as normal couples. Making same-sex marriage legal can provide economic benefits in both the short and long term.

This is how we contribute to the economy

According to Al Jazeera report, a few years ago, senior lawyer Christy Mallory and her team at the Williams Institute of UCLA School of Law conducted a research. In this research, the wedding expenses of same-marriage couples in America were estimated. According to research, same sex couples spend a lot on their wedding. Due to which the state economy gets a big boost. According to the report, the state and local bodies get benefit in tax revenue from this type of marriage. Besides this, tourism also gets promoted.

Economy may get a boost

According to Mallory's research report, a total revenue of $ 2.6 billion can be generated after marriage is approved in all the states. In which the share of state and local tax revenue can be $ 184.7 million. Also, jobs of 13,000 people can be supported. Mallory quoted his report as saying that in 2015, 1,23,000 same sex couples got married in America. These marriages gave a boost of about 1.58 billion dollars to the state and local economy. Tax revenue generated was approximately $102 million. Also, jobs of 18,900 people got support.

This was discussed for the first time in 1973

The economic impact of same sex marriage is visible in the short term. Besides, there are long term economic benefits associated with this type of marriage. Nobel Prize-winning economist Gary Becker first talked about the economic benefits of marriage in 1973. He had said that married couples can manage their time and money well. Economically, the burden does not fall entirely on anyone. Even the expenses reduce.

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