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Us Tax Code

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"Rethinking Tax Fairness: Experts Weigh In on Biden's Billionaire Tax Proposal"

Originally Published 1 year ago — by Yahoo Finance

President Biden's proposed billionaire tax, aiming to impose a minimum 25% tax on Americans with assets over $100 million, has been met with skepticism from experts who question its practicality and potential impact on the US tax code. The proposal would require taxing unrealized gains, which raises concerns about handling losses and the potential for driving away ultra-wealthy individuals. Critics argue that the top 1% already pays a significant share of federal taxes, and suggest updating the existing alternative minimum tax instead. The debate highlights the complexities of taxing wealth in a rapidly evolving economic landscape.

nation politicseconomics biden billionaires politicseconomics tax-proposal us-tax-code wealth-tax

Supreme Court's Tax Cases: Ramifications, Costs, and Economic Implications

Originally Published 2 years ago — by Fox Business

The Supreme Court heard oral arguments in the case of Moore v. the United States, which challenges the constitutionality of Section 965 of former President Donald Trump's tax overhaul. The provision imposed a one-time transition tax on foreign earnings accrued by certain overseas corporations owned by U.S. shareholders. The plaintiffs argue that Section 965 is unconstitutional because it applies a tax to "unrealized" income, violating the 16th Amendment. The case is seen as a proxy battle over the legality of a wealth tax, and a ruling in favor of the plaintiffs could have significant implications for the U.S. tax code and potentially outlaw a wealth tax proposal. A decision is expected by next June.

nation taxation constitutionality section-965 supreme-court taxation us-tax-code wealth-tax