Can Congress Tax Wealth?
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Is wealth tax constitutional? A case before SCOTUS:
This came from a lawsuit ( https://casetext.com/case/moore-v-united-states-2125 ) that traces back to the Tax Cut and Jobs Act of 2017. That law has a provision that taxes Americans who owned shares in foreign corporations that gained in value — it taxes ownership of appreciated assets, not distribution of dividends or realization of gains, thus arose the question of “wealth tax” rather than mere income tax.
What say you? What sort of SCOTUS ruling would you like to see coming out of this?
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Is wealth tax constitutional? A case before SCOTUS:
This came from a lawsuit ( https://casetext.com/case/moore-v-united-states-2125 ) that traces back to the Tax Cut and Jobs Act of 2017. That law has a provision that taxes Americans who owned shares in foreign corporations that gained in value — it taxes ownership of appreciated assets, not distribution of dividends or realization of gains, thus arose the question of “wealth tax” rather than mere income tax.
What say you? What sort of SCOTUS ruling would you like to see coming out of this?
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I’m sure they can, the question is should they…
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@Mik said in Can Congress Tax Wealth?:
It's a ridiculous idea going nowhere.
Agreed. I thought so when Trump proposed it and I think so now.
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The admin overhead alone should discredit the idea.
“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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@Mik said in Can Congress Tax Wealth?:
The admin overhead alone should discredit the idea.
Like I said, it’s stupid as heck. Once you open that can, you open all the others, including unrealized losses.
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@Mik said in Can Congress Tax Wealth?:
The admin overhead alone should discredit the idea.
True, but I don't think Warren proposes it (or any tax for that matter) to raise money so much as to punish people she doesn't like.
As evidence I'll point to the fact that she never is remotely concerned about deficit financing any of her obscene proposals. She really doesn't care about balancing spending with revenues. When she's designing taxes a different part of her brain is working. It's about smiting people she hates.
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@Mik said in Can Congress Tax Wealth?:
The admin overhead alone should discredit the idea.
True, but I don't think Warren proposes it (or any tax for that matter) to raise money so much as to punish people she doesn't like.
As evidence I'll point to the fact that she never is remotely concerned about deficit financing any of her obscene proposals. She really doesn't care about balancing spending with revenues. When she's designing taxes a different part of her brain is working. It's about smiting people she hates.
@Jon said in Can Congress Tax Wealth?:
@Mik said in Can Congress Tax Wealth?:
The admin overhead alone should discredit the idea.
True, but I don't think Warren proposes it (or any tax for that matter) to raise money so much as to punish people she doesn't like.
As evidence I'll point to the fact that she never is remotely concerned about deficit financing any of her obscene proposals. She really doesn't care about balancing spending with revenues. When she's designing taxes a different part of her brain is working. It's about smiting people she hates.
One can construct motivations that aren't all about smiting and hatred. How about pure populism, born of a sense of deep unfairness and a compulsion for social justice? I am sure she's been a multimillionaire for a long time, and I'm sure she associates almost exclusively with other multi millionaires. A hatred of that class would be difficult, even for a wealthy progressive with an acclimation to hypocrisy and cognitive dissonance.
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@Mik said in Can Congress Tax Wealth?:
It's a ridiculous idea going nowhere.
Agreed. I thought so when Trump proposed it and I think so now.
@Jon said in Can Congress Tax Wealth?:
@Mik said in Can Congress Tax Wealth?:
It's a ridiculous idea going nowhere.
Agreed. I thought so when Trump proposed it and I think so now.
Trump signed a version of it into law in 2017, which leads to the lawsuit now. Didn't realize Trump proposed it back in 1999.
