July 17, 2024

The Queens County Citizen

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Supreme Court will not close the door to wealth tax

Supreme Court will not close the door to wealth tax

The United States Supreme Court failed to realize the worst fears of its progressive critics on Thursday by issuing a decision that could affect Congress' tax-making power. 7 votes to 2, the highest American court Confirmed The constitutionality of a key provision of the 2017 tax cut law signed by Donald Trump. This provision requires US shareholders who own 10% or more of a foreign corporation to pay a one-time tax. Previously, they only had to pay taxes on profits they brought back to the United States.

The provision appears to have been pointed out, but could have major ramifications if it is found unconstitutional, experts say. Charles and Kathleen Moore, who in 2018 had to pay about $15,000 to the taxpayer on profits of more than $500,000 from investing in a company, argued that a third of the tax code was threatened by the approach taken by the couple. India.

Progressive economists and politicians were particularly concerned that invalidating the provision would end their efforts to introduce a wealth tax in the United States. Because this validity is accompanied by a new definition of what “income” is and what is taxable. Ani, the author The decision, Brett Kavanagh, emphasized in a footnote that his opinion was not in support of a wealth tax. But it is a fact that the Supreme Court is not open to such things.

Only Justices Clarence Thomas and Neil Gorsuch declined to join the majority.

And we're still waiting for the Supreme Court's decision on the question of criminal immunity claimed by Donald Trump. Further decisions will be taken on Friday.

PS: We have reached the last day of the second fundraising campaign for this blog in 2024. As indicated by the thermometer this Thursday morning, the target target will be achieved as long as the first three days do not slow down. I urge all regular visitors to this blog during this critical period in American political life, if they have not already done so, to contribute to its maintenance. And a heartfelt thank you to those who have already done so!

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(Photo by Reuters)

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