Understanding the Supreme Court Case That Could Impact Taxation on Wealth

💰The case is an effort to prevent the taxation of very wealthy individuals' wealth.

📈The tax in question is part of the 2017 Trump tax law and aims to tax income generated from investments held overseas.

🏛️The case presents a constitutional question about the meaning of 'direct taxes' and their apportionment among states.

🌍Striking down the tax could lead to the loss of billions or trillions in government income and affect tax laws on foreign investments and entities.

⚖️Based on oral arguments, there doesn't seem to be much appetite for striking down the tax.

What is the case 'More v. US' about?

—'More v. US' challenges the taxation of wealth and unrealized income, specifically a tax on income generated from investments held overseas.

What could happen if the tax is struck down?

—If the tax is struck down, it could result in the loss of trillions of dollars in government income, affect existing taxes, and impact tax laws on foreign investments and entities.

What does the case raise a constitutional question about?

—The case raises a constitutional question about the meaning of 'direct taxes' and their apportionment among states.

How might the case impact very wealthy individuals?

—If the tax is struck down, it may prevent the taxation of wealth and protect very wealthy individuals' wealth from being taxed.

What were the findings of the oral arguments?

—Based on the oral arguments, there didn't seem to be much appetite for striking down the tax.

00:00Sam Cedar and Emma Vigland discuss the 'More v. US' Supreme Court case on the Majority Report.

06:15The case challenges the taxation of wealth and unrealized income.

10:59The tax in question is designed to tax income generated from investments held overseas.

13:57The case raises a constitutional question about the meaning of 'direct taxes' and how they should be apportioned among states.

20:30If the tax is struck down, it could result in the loss of trillions of dollars in government income and impact existing taxes and tax laws on foreign investments and entities.

23:45Based on the oral arguments, it seems unlikely that the tax will be struck down.