The Supreme Court will soon hear a case that could have broad effects on the U.S. tax code, including future wealth tax proposals.
The Moore's challenge revisits the law's definition of income, as outlined by the 16th Amendment, and whether individuals and companies must "realize" or receive profits before incurring taxes on unrealized gains. It's a lingering question amid pastWhile experts say Trump's 2017 tax works differently than a wealth tax, there are still concerns about the Moore case.
The Supreme Court ruling could invite litigation about Congress' approach to taxing so-called pass-through entities, such as partnerships, limited liability corporations, and S-corporations, explained Chye-Ching Huang, the executive director of the Tax Law Center at New York University Law.Other experts point to the possible implications for future corporate tax revenue.
"What this case is about is trying to make sure that corporations also pay the amount of tax that they're supposed to pay," said Susan Morse, a law professor and associate dean for academic affairs at the University of Texas at Austin School of Law. "It's a good illustration of how difficult it can be to resist corporations' inclination and the push to try to avoid taxes and reduce their tax bills," she said.
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