Shades on Nostr: by #MattFord in The #NewRepublic: "The Supreme Court took up a case on Monday that ...
by #MattFord in The #NewRepublic:
"The Supreme Court took up a case on Monday that could make it nearly impossible for Congress to pass a federal wealth tax, giving the justices an opportunity to torpedo a major Democratic policy proposal before it can be enacted. The plaintiffs who brought the case have all but urged the court to do exactly that.
"In Moore v. United States, the justices will consider whether a provision of former President Donald Trump’s tax-reform law in 2017 violated the Sixteenth Amendment, which allows Congress to collect federal income taxes. As part of a complex restructuring of federal corporate tax laws, the 2017 law imposed a one-time “mandatory repatriation tax” on American taxpayers who owned more than 10 percent of a foreign corporation."
https://newrepublic.com/post/173913/supreme-court-may-pre-emptively-ban-federal-wealth-tax
#SupremeCourt #SCOTUS #WealthTax #SixteenthAmendment #IncomeTax
"The Supreme Court took up a case on Monday that could make it nearly impossible for Congress to pass a federal wealth tax, giving the justices an opportunity to torpedo a major Democratic policy proposal before it can be enacted. The plaintiffs who brought the case have all but urged the court to do exactly that.
"In Moore v. United States, the justices will consider whether a provision of former President Donald Trump’s tax-reform law in 2017 violated the Sixteenth Amendment, which allows Congress to collect federal income taxes. As part of a complex restructuring of federal corporate tax laws, the 2017 law imposed a one-time “mandatory repatriation tax” on American taxpayers who owned more than 10 percent of a foreign corporation."
https://newrepublic.com/post/173913/supreme-court-may-pre-emptively-ban-federal-wealth-tax
#SupremeCourt #SCOTUS #WealthTax #SixteenthAmendment #IncomeTax