The Supreme Court is considering whether the federal government can tax unrealized gains, focusing on a couple’s dispute over a $14,729 tax bill related to their investment in a foreign company.
The case challenges the constitutionality of taxing unrealized income, which has implications for Democratic proposals targeting wealthy households, including Biden’s billionaire minimum income tax.
The outcome could influence the concept of taxing unrealized gains and has sparked concerns about conflicts of interest within the Supreme Court. (Trending: Bombshell Email Uncovered Between Joe Biden And Hunter)
“I’m not for a wealth tax, but I think if you use this as the argument to spike a wealth tax, you’re going to basically get rid of, I don’t know, a third of the tax code,” said former Republican House Speaker Paul Ryan.
“If the bright‐line rule requiring realization for an income tax to be imposed were jettisoned, then there would be no limit to the types of taxes the federal government could enact. Indeed, such a rule would open the door for the federal government to impose a future wealth tax entirely divorced from any connection to actual income,” Cato’s filing reads.
The Department of Justice determined that the Moores’ argument that the mandatory repatriation tax is a tax on property is not “squared with the MRT’s terms or longstanding historical practice,” according to a filing.
The decision is expected by the end of June.
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