The Supreme Court agreed on June 26 to consider a challenge to an arguably unconstitutional wealth tax that was levied on capital gains a Washington state couple never received. The Mandatory Repatriation Tax, also known as the Section 965 Transition Tax, was part of the Tax Cuts and Jobs Act passed by the then-Republican-controlled Congress…
Supreme Court to Decide Scope of Congress’s Taxing Power
June 26, 2023
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Couple Appeals Wealth Tax to SCOTUS That 9th Circuit Upheld
A Washington state couple will soon ask the Supreme Court to disallow what they consider to be an unconstitutional wealth tax that was levied on capital gains they never received. In 2017, Congress passed the Tax Cuts and Jobs Act. The new law, a reform of the federal tax code, also included a provision known…
‘Billionaire Tax’ Expands Taxable Income, Should Be Dead on Revival Say Critics
March 30, 2022
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President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation. The tax proposal was included within Biden’s $5.8 billion Fiscal…
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