Tag

Sixteenth Amendment

All articles tagged with #sixteenth amendment

society2 years ago•7 min saved

Supreme Court Ruling Threatens Wealthy Individuals' Tax Obligations

The Supreme Court heard oral arguments in the case of Moore v. United States, which involves a disputed $15,000 tax bill and has significant implications for the federal government's ability to tax profits on investments. The case centers around the interpretation of the Sixteenth Amendment and whether profits need to be realized as cash before they can be taxed. If the Court rules in favor of the taxpayers, it could potentially undermine various wealth tax proposals and have far-reaching consequences for the federal tax code. Justices Clarence Thomas and Samuel Alito, who have ties to wealthy individuals, may be inclined to protect the financial interests of their friends, while justices Brett Kavanaugh and Amy Coney Barrett seemed willing to uphold the repatriation tax in this case. Overall, the Court's decision could make it even harder to tax the wealthy.

via The Nation|

#repatriation-tax #sixteenth-amendment #society

law-and-politics2 years ago•3 min saved

Supreme Court Weighs In on Taxation and Wealth Redistribution

The U.S. Supreme Court heard arguments in a tax case that could have significant implications for congressional tax policy and cost the federal government trillions of dollars in corporate taxes. The case involves the constitutionality of the Mandatory Repatriation Tax (MRT), which imposed a one-time tax on off-shore investment income. The plaintiffs argue that the tax violates the Sixteenth Amendment, while the government defends its broad taxing power. The court's decision could impact the implementation of future tax policies and potentially unravel a third of the tax code.

via NPR|

#corporate-taxes #law-and-politics #off-shore-tax