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It could also upend current tax law. This Washington couple took their 'unconstitutional' $15K IRS bill to the Supreme Court — and it could cost the US a jaw-dropping $340B if they win, pundits say.
The Moores argue that taxing unrealized gains — money they haven’t actually received — is ... If the court ends up siding with Moore and finds the transition tax unconstitutional, investors ...
Moore v. United States, 602 U.S. 572 (2024), was a United States Supreme Court case related to the ability of the federal government to tax unrealized gains as income. The Supreme Court upheld the Mandatory Repatriation Tax (MRT).
The reason is that an unrealized capital gains tax is difficult to enforce because the IRS would be asking taxpayers to calculate personal asset values year after year with no way to audit the ...
Another argument raised is that because the federal income tax is progressive, the discriminations and inequalities created by the tax should render the tax unconstitutional under the 14th Amendment, which guarantees equal protection under the law. Such arguments have been ruled without merit under contemporary jurisprudence.
A billionaire minimum tax on unrealized capital gains would apply to taxpayers whose net worth is above $100 million, as proposed by the most recent Biden-Harris administration’s budget proposal.
This plan proposes to raise revenues by around $5 trillion, in part by levying taxes on unrealized capital gains for households worth more than $100 million. This is known as a wealth tax, and it ...
And Chicago venture investor Robert Nelson: "Taxing unrealized gains is truly the most insane, economy destroying, innovation killing, market crashing, retirement fund decimating, unconstitutional ...