Do you know that when a spouse in a straight marraiage dies, and the property (owned by the two spouses) is valued for Estate Duty purposes, there is what is called a "stepped up basis" which is not applicable in Gay Marriages or Civil Unions.
Practically, what this means is that if a property is valued at (for example purposes) at $100,000, and the surviving spouse sells the property the day after the one souse dies, Capital Gains Tax is payable on the difference between the Selling Price and the "stepped up basis".
In my example above, if the stepped-up basis goes from $100,000 to $300,000, and the property is sold for $300,000, then no Capital Gains Tax is payable.
In a Gay Marraiage or Civil Union (which is not recognized on a Federal level), in the example above, the surviving spouse or partner is liable for Tax on $200,000 (The difference between the Cost and Selling Price, since the "stepped up basis" does not apply to gay couples).
Now I ask in all fairness: Why should the surviving gay partner be liable for tax on $200,000 while the straight surviving spouse is liable for nothing?
This is prejudice, discrimination and injustice in its clearest form.
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