The Supreme Court has agreed to hear a tax case that could put the fate of the Biden administration's 'wealth tax' and other future tax proposals in jeopardy. It could pump the brakes on POTUS's tax proposal aimed at taxing the U.S.'s ultra-wealthy.
The Supreme Court has agreed to hear a tax case that could put the fate of the Biden administration's"wealth tax" and other future tax proposals in jeopardy.
The case centers around the Moores, who made an almost $40,000 investment into an Indian corporation in 2005. They did not receive any money or other payments from the company, despite the corporation making a profit every year. The Sixteenth Amendment, which authorizes Congress to"lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States," is significant to the federal tax system.
The outcome of this case could have a significant impact on the Biden administration's"wealth tax," with many members of Congress already calling attention to the possibility that the proposal is another unconstitutional tax on unrealized income or gains.
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