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Income Definition

All articles tagged with #income definition

taxation2 years ago•2 min saved

"Supreme Court's Tax Case: Unveiling Fiscal Policy Effects and Surprising News for Billionaires"

The Supreme Court is hearing a case, Moore v. United States, that could have significant implications for the U.S. tax code and federal revenue. The case challenges the definition of income and questions whether individuals must "realize" or receive profits before incurring taxes. If the court rules in favor of the plaintiffs, it could impact the future taxation of pass-through entities and potentially reduce federal revenue by $346 billion over the next decade. The decision is not expected until 2024, leaving uncertainty about the case's scope and implications.

via CNBC|

#deemed-repatriation #income-definition #pass-through-entities

law-and-politics2 years ago•3 min saved

Supreme Court Examines Tax Dispute and Government's Power to Tax Unrealized Income

The US Supreme Court justices expressed hesitation in overturning a tax on Americans' investments in certain foreign corporations, as they considered the definition of "income" in a case that could impact efforts to impose a wealth tax on the wealthy. The case involves a retired couple challenging the tax on foreign company earnings that have not been distributed to shareholders. The justices questioned whether the tax on unrealized gains is allowed under the Constitution's 16th Amendment. Some justices signaled support for upholding the tax by attributing the income earned by the foreign company to its shareholders. A ruling is expected by June and could have implications for other tax provisions and legislative proposals for a wealth tax.

via Reuters|

#constitutional-interpretation #income-definition #law-and-politics