Posted on 12/05/2023 6:32:00 AM PST by Tench_Coxe
Tuesday morning the U.S. Supreme Court will hear oral arguments pursuant to a case in which Charles and Kathleen Moore argue that an obscure provision of the 2017 Tax Cuts and Jobs Act is unconstitutional. This is not an “inside baseball” case that only compulsive Court watchers will care about. If the justices rule against the Moores, it will supercharge the government’s confiscatory powers by enabling its inclination to tax unrealized income. This will affect everyone reading this column, not just investors with large stock portfolios. It would, in theory, permit the IRS to tax an increase in the value of your home as a capital gain — whether you have sold it or not.
(Excerpt) Read more at spectator.org ...
But if its upheld, everyone else will get a chance to experience something similar to what Trump is going through in the Letitia James case in New York.
Weirdly trump is the one who signed this new tax into law. So the slogan “you reap what you sow” is very valid.
This is how they will impose the wealth tax and it won’t just affect the “wealthy”.
More than half of the justices on the USSC, including Chief Justice Roberts, foolishly subscribe to the social justice, socialistic model of society. I’m hoping for the best, but not confident.
It’s not weird at all. Trump has never cared all that much about political policy and the sausage making process to create legislation.
Now the picture becomes clearer about the 87,000 new IRS agents, imho.
Also, some 'wealthy' won't be affected--those with connections to 'the party'.
It’s clear now that when Democrats say “pay your fair share” it means “give us everything you have”.
We no longer can trust either party & the criminal elements pervasive in the Uni-party whose goal it is to screw & destroy the Middle Class.
People had better unite instead of continuing this Republican/Democrat charade that has been arrayed against the people for far too long now.
The phrase “You will own nothing....” comes to mind.
I’d have to learn more about the specifics of this case. If there is a ruling, it will be narrow and not effect your house unrealized gains or unrealized stock capital gains imho.
His main weakness was listening to advisors, but all presidents use advisors to understand subjects about which they have no knowledge on their own. The fact that many of his advisors were backstabbing deep state operatives explains most of his goof-ups. I’m hoping he’s much wiser now, though, of course, he’s not perfect. It’s hard to recognize a smiling backstabber for what they really are; they’re so good at deceit. Lindsey Graham, James Comey, Christopher Wray, Bill Barr, and Mitch McConnell, I’m talking to you.
Correction: This is how “they” will steal your 401K, Pension, 403B, Annuities, investment accounts and any other asset you have. Why? because “they” believe that all money is theirs.
One of the biggest scams in life:Our Founders are rolling in their graves...
Paying taxes on money you make, taxes on money you spend - and taxes on things you own that you paid taxes on with already taxed money...
Oh, and members of Congress will “exempt themselves and their donors...”
The author undermines his argument by presenting an outlandish scenario. The tax provision in question in this Supreme Court case was enacted into law by Congress in 2017. It's not some arbitrary IRS decision that has been made under the agency's regulatory authority.
Maybe this would jolt the stupid Millennials, Gen-X, and the rest of their ilk into realizing the socialist government they’re been begging for ain’t exactly what they thought it was.
In Ireland, where they do tax your unrealized gains as income for tax purposes, it is a reality. None of my mutual fund companies or drip stocks ever paid a dime of taxes for me, so I always had to pony up at tax time out of pocket. If they do tax unrealized gains, they just need to create more accounting jobs or sell 20% of your stock annually to pay the taxes.
Any ruling that would tax unrealized gains would destroy the investment model in the US.
I am salivating at the prospect of paying taxes on my BTC. wink wink, it hurts too much to spend.
Reinvested dividends ARE realized.
> I’d have to learn more about the specifics of this case. <
The stock in question is that of a company that does business overseas, in India. I wonder if that has anything to do with it.
Anyway, if the Supreme Court upholds the tax in general, it will be a great day for tax accountants. Your stock gains in value, pay a tax. Your stock drops in value, get a tax credit (I guess).
Great for accountants. A nightmare for everyone else.
It also sounds like it is not public and is controlled stock.
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