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yes I know "all taxation is theft" but this is still
Posted on: December 5, 2023 at 07:02:19 CT
tigerinhogtown STL
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"The justices were due to hear arguments in an appeal by Charles and Kathleen Moore - a retired couple from Redmond, Washington couple - of a lower court's decision rejecting their challenge to the tax on foreign company earnings, even though those profits had not been distributed.
At issue in the case is whether this levy on unrealized gains is allowed under the U.S. Constitution's 16th Amendment, which enabled Congress to "collect taxes on incomes." The Moores, backed by the Competitive Enterprise Institute and other conservative and business groups, contend that "income" means only those gains that are realized through payment to the taxpayer, not a mere increase in the value of property.
A ruling favoring the Moores could strike at a wider array of tax code provisions including those related to other small business entities such as partnerships, limited liability companies and S-corporations, according to legal experts."
Such a ruling also could frustrate policies favored by some Democrats, including Senator Elizabeth Warren, for a tax on the net worth - meaning all assets and not just income - of the super-rich.
https://www.msn.com/en-us/news/us/us-supreme-court-ponders-meaning-of-income-in-tax-dispute/ar-AA1l1GP3?ocid=hpmsn&cvid=366b203768e34ab1a4a0006c5d866864&ei=28
Edited by tigerinhogtown at 07:03:17 on 12/05/23
"The justices were due to hear arguments in an appeal by Charles and Kathleen Moore - a retired couple from Redmond, Washington couple - of a lower court's decision rejecting their challenge to the tax on foreign company earnings, even though those profits had not been distributed.
At issue in the case is whether this levy on unrealized gains is allowed under the U.S. Constitution's 16th Amendment, which enabled Congress to "collect taxes on incomes." The Moores, backed by the Competitive Enterprise Institute and other conservative and business groups, contend that "income" means only those gains that are realized through payment to the taxpayer, not a mere increase in the value of property.
A ruling favoring the Moores could strike at a wider array of tax code provisions including those related to other small business entities such as partnerships, limited liability companies and S-corporations, according to legal experts."
Such a ruling also could frustrate policies favored by some Democrats, including Senator Elizabeth Warren, for a tax on the net worth - meaning all assets and not just income - of the super-rich.
https://www.msn.com/en-us/news/us/us-supreme-court-ponders-meaning-of-income-in-tax-dispute/ar-AA1l1GP3?ocid=hpmsn&cvid=366b203768e34ab1a4a0006c5d866864&ei=28
Edited by tigerinhogtown at 07:03:17 on 12/05/23
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yes I know "all taxation is theft" but this is still - tigerinhogtown STL - 12/5 07:02:19