Supreme Court Case Could Upend US Taxes and Philanthropy
The US Supreme Court is set to hear a case that could have significant implications for the imposition of a wealth tax on billionaires. The case involves a couple seeking a refund of $14,729 in taxes they paid on their ownership of a stake in an Indian company. The couple argues that they cannot be taxed since they never realized any gains. The court's decision could determine the constitutionality of a wealth tax and potentially disrupt the entire tax regime. The outcome of the case is expected to be announced next year, in the midst of the presidential election campaign.