This is libtard douchebaggery. Just what you would expect from Nina “far left” Totenberg.
This article is full of facts not stated in the opinion, and utterly irrelevant to the issue of whether this is a tax on “income” under the 16th amendment, and therefore constitutionally justified.
In order for there to be “in-come” under the plain meaning of the word income as used in the 16th amendment, money has to “come in.” Here, money did not “come in.” Therefore, as Justice Thomas correctly asserted, this was not a constitutional tax.
I guess I dont fully understand. Is this a tax on realized gains (dividends, interest, capitol gains) off shore, or a tax on unrealized gains? The unrealized gains would be the one I would call unconstitutional, but I was not aware of any tax on unrealized gains yet in place. I only know the dems want to do that.
Yup.
I haven’t read the decision (nor the dissent from Thomas/Gorsuch) and I realize my opinions on capitalism and taxes are no longer in fashion, well... anywhere, anymore.
But I just wish more folks would step back and realize what stuff like this means. I.e., I’m sure protectionists and anti-free market folks like this. But I’ll bet that secretly, so does Pocahontas and Bernie the socialist.
This decision effectively blesses the whole concept of a “wealth tax” and settles the question of a pretty massive taxation concept.
The federal government is now free to say “You have too many assets - regardless of whether you’ve realized any REAL gains, from your investments and work... I can now take some of it... and I don’t care if that means you liquidate some of those assets to pay me.”
As the cliche goes, you can’t get a little bit pregnant... and the socialists have to be secretly thrilled because now they’ve got a bun in the oven - and they certainly won’t murder this one in the womb.