This is a news story, published by Bloomberg Government, that relates primarily to The Supreme Court news.
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wealth tax ideaBloomberg Government
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The Supreme Court ruled last week that the levy on foreign earnings, implemented in the 2017 tax law, is constitutional.
The majority’s decision didn’t directly address the issue of whether taxing unrealized gains, such as a wealth tax, would be unconstitutional.
That might spell trouble for Democrats pushing those kinds of proposals to pay for other tax breaks.
Justices didn’t necessarily leave the door open for a wealth tax, and they didn’t shut it either, he said. “To some degree, battle lines have been drawn here with the opinion,” Nitti said. “We’ve got at least four justices saying we believe there’s clearly a realization requirement and trying to tax unrealized appreciation is beyond the reach of Congress . Now we just have to look for some future challenge that will eventually force the Supreme Court’s hand.”.
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