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#taxable — Public Fediverse posts

Live and recent posts from across the Fediverse tagged #taxable, aggregated by home.social.

  1. The Supreme Court agreed to hear a case next term that could #preempt Congress and the Biden administration from instituting a #federal #wealth #tax — another potentially lucrative gift for conservative justices’ billionaire benefactors and the super rich.
    A think tank affiliated with some of those benefactors recently pressed the court to accept the case and outlaw such taxes.
    The new case, #Moore v. United States, is tailored to try to block Democrats’ promised agenda by #defining what can — and cannot — count as #taxable#income” under the Constitution.
    It specifically challenges a one-time levy on some shareholders for their foreign corporate earnings that was included in the 2017 Republican tax law.
    The plaintiffs are a Washington state couple who faced a $15,000 tax bill under that provision for a stake they owned in an Indian company. They argue that their #corporate #earnings should #not count as taxable income under the Constitution because they had not been distributed to shareholders as #dividends.
    The real goal of the case is “to slam shut the door on a #federal #wealth #tax,” as the couple’s lawyers wrote in a 2021 column. The couple’s petition to the Supreme Court expressly decries previous wealth tax proposals from Democrats, including Biden, and urges the justices to “head off a major constitutional clash down the line
    levernews.com/the-supreme-cour