Supreme Court Will Decide If The Government Can Tax Income You Haven’t Received Yet

Daily Caller ^ | 6/26/23 | Katelynn Richardson

[CFW]

The Supreme Court announced Monday it would take up a case considering whether Congress can tax income before it is received.

The case, Charles G. Moore et ux. v. United States, stems from a Washington state couple’s 2019 lawsuit against the government for a nearly $15,000 tax bill imposed on their small investment in an overseas company, from which they never earned a profit. It considers whether taxes on unrealized gains are legal under the 16th Amendment, which enables Congress to tax incomes “without apportionment among the several States.”

Hank Adler, Burra Executive Professor of Accounting at Chapman University, previously told the Daily Caller News Foundation the Moores’ case is “the most important tax case in almost 100 years.”

[DugwayDuke]

WildHighlander57 wrote: “We already do, for property taxes.”

This is a federal tax case. Property taxes are not federal.
Including housing as an unrealized gain on your federal taxes would be taxed at rates far above propery taxes.

[RushCrush]

better check that. i just paid fines to the IRS for contributions to a Roth that I was not eligible to make because of my income

[rey]

Thanks

[rey]

Thanks

[Miami Rebel]

“SCOTUS is unqualified in this area.”

Then who is? The district court and the appeals court already found against the plaintiffs. Should the Supreme Court not weigh in?

[By the way, treatment of overseas earnings changed with the 2017 Tax Reform Bill.]

[Miami Rebel]

This is limited to foreign earnings.

[Miami Rebel]

That’s what I think that too. Rolling over earnings is the heart of the matter.

[Paladin2]

I was thinking Roth conversions of extant IRAs and 401ks.

[Salty Longshanks]

“This is a trial balloon. If the leftists win, the real target will be all those unrealized gains in the trillions that make up our 401K and IRA accounts that they can’t get to until we turn 73 and are forced to make required minimum distributions.”

Yellin has been blathering on about taxing “unrealized gains” since she was head of the Fed. All of this is nothing more than a preamble to the CBDC (Central Bank Digital Currency). As soon as it’s implemented, the monies you may have had in a 401K, and/or an IRA will be worthless. All part of the plan.