You recently read about how the Supreme Court could stop a wealth tax before it even starts. That’s scaring some politicians because they already consider that wealth to be theirs.
Just look at this headline from USA Today: “This couple is fighting $15,000 in taxes. Their case could cost Washington trillions.” Cost Washington trillions? The money was never Washington’s to begin with.
Greg Stohr writes at Bloomberg:
Democratic dreams of imposing a wealth tax on the richest Americans risk being snuffed out by the US Supreme Court in a dispute over a $14,729 bill.
Calls to tax assets in addition to income have grown since Senator Elizabeth Warren ran for the White House on the issue in 2020, with President Joe Biden’s 2024 budget requesting a “billionaire minimum tax” to ease the federal deficit. But in a case set for argument Tuesday, the justices will consider whether the Constitution effectively precludes Congress from putting a levy on stock holdings, real estate and other wealth.
“The case literally could involve trillions of dollars and directly affect the way our economic and tax systems work because it calls on the court to decide whether a wealth tax might be constitutional,” said John Yoo, a University of California at Berkeley law professor who helped draft a brief in the case for the anti-tax group FreedomWorks.
The court’s decision to take up the case puts the justices in the middle of the partisan battle over the nation’s tax and budget policies. The court is likely to rule next year in the middle of the presidential election campaign.
Action Line: Avoid politicians who presume their claim to your money is greater than your own. That’s the politics of the Escape States. If you live there, you want to look for a better America in one of Your Survival Guy’s 2023 Super States. Then, click here to subscribe to my free monthly Survive & Thrive letter, and you’ll be among the first to receive updates to my Super States map.
E.J. Smith - Your Survival Guy
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