The Baron of Old Bay on Nostr: Interesting case argued this week at SCOTUS ...
Interesting case argued this week at SCOTUS
https://www.wsj.com/us-news/law/one-supreme-court-case-could-mess-up-chunks-of-the-tax-code-680a9ba6
I could read this but not sure if everyone can
Core of the case is
The case, brought by a Washington state couple seeking a $14,729 refund, raises a seemingly simple question: Must income be “realized,” or received, before it can be taxed?
Interesting impact
The court also could say that realization is necessary but that the one-time foreign-profit tax meets the definition. This could stop the wealth tax, in theory
https://www.wsj.com/us-news/law/one-supreme-court-case-could-mess-up-chunks-of-the-tax-code-680a9ba6
I could read this but not sure if everyone can
Core of the case is
The case, brought by a Washington state couple seeking a $14,729 refund, raises a seemingly simple question: Must income be “realized,” or received, before it can be taxed?
Interesting impact
The court also could say that realization is necessary but that the one-time foreign-profit tax meets the definition. This could stop the wealth tax, in theory