The Supreme Court agreed to hear a case next term that could
#preempt Congress and the Biden administration from instituting a
#federal #wealth #tax ā another potentially lucrative gift for conservative justicesā billionaire benefactors and the super rich.
A think tank affiliated with some of those benefactors recently pressed the court to accept the case and outlaw such taxes.
The new case,
#Moore v. United States, is tailored to try to block Democratsā promised agenda by
#defining what can ā and cannot ā count as
#taxable ā
#incomeā under the Constitution.
It specifically challenges a one-time levy on some shareholders for their foreign corporate earnings that was included in the 2017 Republican tax law.
The plaintiffs are a Washington state couple who faced a $15,000 tax bill under that provision for a stake they owned in an Indian company. They argue that their
#corporate #earnings should
#not count as taxable income under the Constitution because they had not been distributed to shareholders as
#dividends.
The real goal of the case is āto slam shut the door on a
#federal #wealth #tax,ā as the coupleās lawyers wrote in a 2021 column. The coupleās petition to the Supreme Court expressly decries previous wealth tax proposals from Democrats, including Biden, and urges the justices to āhead off a major constitutional clash down the line
https://www.levernews.com/the-supreme-courts-next-gift-for-its-billionaire_benefactors/