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Old 12-05-2023, 12:20 PM   #1
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Huge Tax Case Going Before the SC

The Supreme Court Case That Could Upend Parts of the Tax Code

The Mandatory Repatriation Tax of 2017, which taxes unrealized capital gains overseas, is under the Supreme Courtís microscope.

The Supreme Court on Dec. 5 will take up an important but little-noticed case about "unrealized" income that considers the constitutional limitations on federal taxing power.

The case is significant because the court could use it to strike down the Mandatory Repatriation Tax (MRT), also known as the Section 965 transition tax, which was part of the Tax Cuts and Jobs Act approved by the Republican-controlled Congress in 2017 and signed into law by then-President Donald Trump.

Conservative constitutionalists say if the Supreme Court finds that the MRT violates the 16th Amendment to the Constitution, such a legal precedent could prevent Congress from enacting legislation to tax wealth.

Kudos to the couple who are contesting this tax and to the SC for taking the case. I think the plaintiffs stand a decent chance of winning given the decision of the 9th Circus, which is the most overturned appellate court in America.
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Old 12-08-2023, 06:54 PM   #2
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the Briben/0bama crew wants this to go through to pave the way on a 'wealth tax'. Unrealized gain in a home, stocks, or any asset included in your net worth should be TAXED for worldwide equity and to fuel the demon rats penchant for spending other peoples money
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Old 12-08-2023, 07:19 PM   #3
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How can you tax an unrealized gain when said unrealized gain can easily turn into a REALIZED loss?

Are they going to give the money back?
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