left wingers are any better? I got one for you, the state is neither, it has both parties in it and only two parties. it is corrupt, rub two brain cells to together to arrive at a conclusion outside of the left/right framework. I know it is hard but work on it.
like why are you even make this left right when most of us are the bottom?
I did not click the article or read the cases so thank you for providing this summary.
"The lower courts have said: valuation is deferred income, so yes the federal tax on you was legal."
This is a bad argument... you get taxed on your house and chattel property by lower branch of government at that. You get taxed on the value of the property. Similar legal underpinnings can be used for a wealth tax.
So here it sounds like, case is specific to ownership of foreign equity. I am not sure why this was implemented and honestly I have not heard of it. We have controlled foreign companies rules in place to target foreign earned income of us residents, which is riddled with holes like swiss cheese. For example, tax code provides an exclusion from this regime for companies utilizing foreign contract manufacturers. What has happened to US manufacturing over last 30 years... asking for friend. But i digress.
The title is a bit misleading since this is an a wealth tax per se and it was not really structured as such. If the policy makers went this route, they almost certain wanted it to be over turned, the legal underpinnings are just not there.
Call it what it is, and tax it as such as long as it is fair to the class of people being subjected to the regime, there is not reason for corrupt geriatric council to be involved.
I wonder if they will argue that wealth tax is discriminatory. I don't see any other way for it to be challenges since power to raise revenue is vested with Congress so they have pretty broad power to do so as long as it is properly apportioned