Legalizing gay marriage would provide a financial boost for San Francisco, the city’s top economist said on Thursday in a closely watched federal trial over California’s same-sex marriage ban.
Edmund Egan, the city’s chief economist, estimated that annual wedding-related spending would rise by US$35 million in San Francisco, with an additional US$2.7 million in hotel spending, if same-sex marriage were legal.
That would mean more than US$2.5 million in additional city taxes, he calculated.
“San Francisco would see an increase in sales tax revenue and an increase in property tax revenue in the future,” Egan said. “Married individuals tend to accumulate more wealth than single people.”
In November 2008 California voters passed Proposition 8, a state constitutional amendment limiting marriage to a man and a woman. The ban came just months after the state Supreme Court had legalized same-sex marriage.
The federal case, which could produce a landmark ruling and lead to an overturning of similar bans in other states, began in San Francisco this month before US District Court Chief Judge Vaughn Walker.
Supporters of the ban challenged Egan’s financial estimates, arguing that a boom in weddings — such as the one San Francisco experienced in the summer of 2008 when gay marriage briefly was made legal — was unsustainable.
Egan also testified that married people pay lower federal taxes on average, freeing up money to spend in their home city, and they lead healthier lives. Moreover, legalizing same-sex marriage would cut the city’s cost of taking on discrimination cases, he said.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the