The Supreme Courtroom is listening to a case that might make it tougher for Congress to impose a so-called “wealth tax.” Joe Miller, a …
source
The Supreme Courtroom is listening to a case that might make it tougher for Congress to impose a so-called “wealth tax.” Joe Miller, a …
source
So people don’t know that buying a house and the house appreciates in price that’s unrealized gains? And you will have to pay taxes on that?
I completely believe in the rule of law, but it’s about time that all these chicken heads figure out a then all the fun we had in 1776 was because of taxes. There are so a lot of people are who are willing to go wacky on this.
How about all the taxpayers dollars that Trump and his family stoled nobody ever talks about paying that back
The Supreme Court ain't nothing but a joke all of them should be removed from office and made homeless cuz they're not doing the job they're getting paid for
People, please. Billionaire’s don’t receive paychecks. All their money comes from wealth and assets. The common practice is to pay yourself nothing in salary, but take stocks instead. Then you apply for a million dollar “loan” using your stock as collateral at say, 5% interest for living expenses. Then you pay for that “debt” with your collateral. So what tax did you pay? That’s the loophole. The rest of us have to pay higher taxes because these people don’t, and that’s not even including how our infrastructure and military subsidizes their business.
I hope everyone is watching this case VERY CAREFULLY.
"close loop holes for the rich or.. pick up 10 cards and take it out on the working class"
American government with 500 cards in their hand
People of America completely over taxed
you will own nothing
You said at 3:40 that the government has been able to impose property taxes – when has the federal government ever been able to do that in the past 115 years?
I'm guessing all these funds are going to Ukraine and funding genocide in Gaza instead of helping our own people who DESERVE A BETTER HEALTHCARE SYSTEM.
Criminals
Man I bet Leonard Leo's app Judicial Sugar Babies is getting overloaded with wealthy sugar daddies looking to buy supreme court judges to make sure this is ruled against.
Income tax was originally intended as a tax on the profits business owners earned from their business NOT a tax on a workers hourly wages.
I find it funny they want 4 to recuse themselves because they own just such investments that would be impacted by their decision. If this stands inflation alone would make everything we own INCOME taxable INCOME.
❤Trump2024❤Vivek2028❤
Well the prior courts are corrupt. We'll see if Satan controls the supreme one.
They may want to let the senate vote on income tax as they never did. So they can’t vote on this!!!!! It’s not legal bc income tax never passed in the senate in 1959 so it is bull and void just as it always has been.
I don’t want to change the subject, but It concerns me that the Republicans ruined America’s credit by not dealing in good faith, and now they’re threatening our security by withholding funds for the war! It serious, that they no longer care about anything but themselves as individuals
Two of our Supreme Court judges have been accepting substantial gifts from billionaires who could benefit from their decisions! I used to have the highest respect for this court, but now I just find them to be despicable!
Supreme Court Justices should be taxed based on free millionaire vacations every year, too! A few owe some serious back taxes!!
that damn orange man,making investors pay taxes.
I'm starting to see why some people choose not to pay taxes because the money is only going to war. Especially war that's not on American soil
All this pretentiousness. As if the court doesn't already have their marching orders as to how they will rule. And shouldn't the American People have a say in that decision? No, the American People should be the ultimate deciders.
Democrats always love taxing not only the upper class but now all classes so corupt countries like ukraine can thrive
Usa is one of the most heavily taxers of it's citizens in the world … and demoncrat think we need to go fully socialist on top of that … "MY ANSWER?!?" SIGNS AT THE BORDER OF TEXAS … "WELCOME TO THE NATION OF TEXAS!" …. AND make a very significant obstacles for immigrants (yes I mean especially from the West, East, North) to get citizenship and voting rights! …. good luck USA! it's not our problem ….
This is key. Is the Supreme Court for the people? Or is it in the pockets of the über-wealthy?
2 US senators, one from OR and the other from ID, are now advocating for an internet tax, the madness doesn't end…
Let me ask you the reader, would you want to get taxed for what you expect your stock investment to yield… even before the yield hasn't materialized? Taxing your hopes?
If we allow a wealth tax, we will be a defacto Communist country. Ineffect the government will be leasing "our property" to us.
Taxation without representation is treason
This tax scheme sounds a bit like Civil Asset Forfeiture
A tax on wealth is far more blatantly and egregiously unconstitutional than a tax on "unrealized income." A wealth tax is a fundamentally different kind of thing from an income tax because it taxes people based on KEEPING wealth, not based on OBTAINING wealth. That completely destroys any rational basis for arguing that an agreement to authorize the federal government to tax income is an agreement to authorize the federal government to tax wealth. The issue of taxing "unrealized income" is more complicated. Some kinds of investments are sufficiently liquid and easily divisible that there are reasonable arguments in favor of laws viewing income as being earned when the investments go up in value even if people want to delay converting the income into cash. For example, when investments in precious metals or minor holdings in major publicly traded companies go up in value, there is normally a strong expectation that people can receive fair value selling only the part of their holdings that they need to sell in order to pay taxes on the increased value. In such situations, causing people to sell portions of their investments to pay taxes on increased value that they could quickly and efficiently convert into cash is little different from causing people to withdraw money from savings accounts to pay taxes on interest income. That could provide a reasonable basis for courts to reject arguments that a tax is not a legitimate income tax solely because its definition of income includes increases in kinds of wealth that are readily and efficiently convertible into cash but have not yet been converted into cash.
But in other cases, taxing possible future income before people receive the income causes serious problems that make the concept of "unrealized income" outrageously deceptive. Many assets are not easily divisible or have small enough potential markets that people have to sell to the right buyer at the right time to receive a good price. In such cases, it is absurd to presume that people can receive a fair price selling only the part of the assets necessary to pay taxes on the assets' increased value. Some kinds of assets such as homes and collectible objects can have serious value for purposes other than their possible value as investments. Requiring people to pay taxes on property they use in such ways before they are ready to sell the property causes far more serious harm than merely requiring people to pay taxes on profits when they choose to sell the property. There are situations where investments are important not just for their financial value but also because they give investors serious power or influence over decisions by enterprises they own significant portions of. This is especially important when people want to maintain serious power over decisions by businesses they played important roles in establishing or growing. In these situations, it is clear and unambiguous that requiring people to pay taxes on stock they want to hold onto is not substantially the same kind of thing as requiring people to pay taxes on actual, realized income. Situations such as these make it absurd to claim that the income tax amendment authorizes demanding taxes on increases in assets' value before people are ready to sell or trade the assets unless either (a) the assets are sufficiently liquid, divisible, and devoid of non-monetary value that converting them to cash would not cause an arguably important loss of value or (b) a preponderance of historical evidence shows that at the time the amendment was adopted, it was generally understood as authorizing taxes on increases in the value of assets that people want to hold onto.
It all boils down to where or not they had the ability or right to decide if the money was reinvested or not. If they did then it was realized gain that they earned and had possessory control of, even if it was automatically reinvested. On the other hand if you are a sole proprietor and reinvest income back into an investment as direct capital improvements it becomes a deduction off the income. Basically the difference between owning stock were you are not in direct control of how the money is spend and an owner were you do. In their case they at one point were on the board of directors giving them some control over how the money was spend. But the entity is still a corporation not individually owned, as such treated differently. Having a wealth tax redistributes money back into the rank and file economy from the ultra wealthy. Which we need to do unless we want to just keep borrowing more and more money to keep things moving.
Wealth tax is immoral and detrimental. Abolish the 16th amendment and end federal taxation. Put more of the balance of power back in the hands of the states.
How about Govt quit spending?
How about politicians get taxed on all the bribes, err, i mean, politcal donations by big corporations (who dont pay taxes)?
Giving trillions to others in corrupted exchanges, and terrorizing Americans to get more?
Wow! Pitiful losers ruining our country imo!
It's NO LAW that says we have to pay taxes.So i say in large masses we stop.
What… is this the Onion? This can't be real life. If it is, I hope they make the right decision because the wrong one will be devastating 😔
Soon they will begin taxing our pets
Taxation is the reality the world lives in, not just America. You're just going to have to suck it up. The easiest way to tolerate this is if these 3 criteria are met: 1) Make the wealthy pay their fair share of taxes 2) Don't make the poor/middle class pay an unfair share of taxes 3) Use the tax money to benefit society – We should get something for our money.