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Supreme Court hears case on government having the power to tax unrealized income

April 13, 2024
in Videos
Reading Time: 1 min read
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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 …

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Comments 40

  1. @Red13.0 says:
    1 year ago

    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?

    Reply
  2. @wing-nutkraglestun says:
    1 year ago

    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.

    Reply
  3. @WilliamLinthicum-sf5td says:
    1 year ago

    How about all the taxpayers dollars that Trump and his family stoled nobody ever talks about paying that back

    Reply
  4. @WilliamLinthicum-sf5td says:
    1 year ago

    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

    Reply
  5. @Anhedonis says:
    1 year ago

    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.

    Reply
  6. @jewel58s says:
    1 year ago

    I hope everyone is watching this case VERY CAREFULLY.

    Reply
  7. @darkranger116 says:
    1 year ago

    "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

    Reply
  8. @finn3408 says:
    1 year ago

    People of America completely over taxed

    Reply
  9. @bootangy says:
    1 year ago

    you will own nothing

    Reply
  10. @patrickfreeman9460 says:
    1 year ago

    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?

    Reply
  11. @firstclasswaffles says:
    1 year ago

    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.

    Reply
  12. @frederickbartholomew6290 says:
    1 year ago

    Criminals

    Reply
  13. @damham5689 says:
    1 year ago

    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.

    Reply
  14. @buckyflex1 says:
    1 year ago

    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.

    Reply
  15. @JohnSmith-kr6ek says:
    1 year ago

    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.

    Reply
  16. @chrisroach5821 says:
    1 year ago

    ❤Trump2024❤Vivek2028❤

    Reply
  17. @greenleader413 says:
    1 year ago

    Well the prior courts are corrupt. We'll see if Satan controls the supreme one.

    Reply
  18. @hendrixsun9372 says:
    1 year ago

    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.

    Reply
  19. @Independent57 says:
    1 year ago

    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

    Reply
  20. @Independent57 says:
    1 year ago

    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!

    Reply
  21. @DarkPesco says:
    1 year ago

    Supreme Court Justices should be taxed based on free millionaire vacations every year, too! A few owe some serious back taxes!!

    Reply
  22. @runna9647 says:
    1 year ago

    that damn orange man,making investors pay taxes.

    Reply
  23. @Ayoalfie says:
    1 year ago

    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

    Reply
  24. @user-vs1zf8uw9o says:
    1 year ago

    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.

    Reply
  25. @noahpatterson5667 says:
    1 year ago

    Democrats always love taxing not only the upper class but now all classes so corupt countries like ukraine can thrive

    Reply
  26. @user-gx6to5ic8h says:
    1 year ago

    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 ….

    Reply
  27. @garyperkovac1002 says:
    1 year ago

    This is key. Is the Supreme Court for the people? Or is it in the pockets of the über-wealthy?

    Reply
  28. @forgottenman8629 says:
    1 year ago

    2 US senators, one from OR and the other from ID, are now advocating for an internet tax, the madness doesn't end…

    Reply
  29. @paulespinoza974 says:
    1 year ago

    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?

    Reply
  30. @kellyinfanger9192 says:
    1 year ago

    If we allow a wealth tax, we will be a defacto Communist country. Ineffect the government will be leasing "our property" to us.

    Reply
  31. @charlielopez127 says:
    1 year ago

    Taxation without representation is treason

    Reply
  32. @jeffmorton9220 says:
    1 year ago

    This tax scheme sounds a bit like Civil Asset Forfeiture

    Reply
  33. @nabbar says:
    1 year ago

    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.

    Reply
  34. @chelseamele3971 says:
    1 year ago

    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.

    Reply
  35. @jordanh9668 says:
    1 year ago

    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.

    Reply
  36. @birdlady2725 says:
    1 year ago

    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!

    Reply
  37. @spiritualvybz3022 says:
    1 year ago

    It's NO LAW that says we have to pay taxes.So i say in large masses we stop.

    Reply
  38. @sudokode says:
    1 year ago

    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 😔

    Reply
  39. @SnifferRiffle says:
    1 year ago

    Soon they will begin taxing our pets

    Reply
  40. @ACivilBeast says:
    1 year ago

    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.

    Reply

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