"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.