![]() Court of Appeals for the 9th Circuit agreed with the government that the Mandatory Repatriation Tax is a form of income tax. Opponents of the Mandatory Repatriation Tax say it functions as a wealth tax or a property tax-types of direct taxes only allowed by the federal government if they're applied proportionally by state population.īut the U.S. ![]() The tax applied to individuals with at least 10 percent ownership of a foreign company as well as to U.S.-based companies. It let the IRS levy a one-time tax on shares in a foreign company even if said shares had not yielded any profits for the shareholders. The Moores owned shares in this company for more than a decade but say they never received any income from these shares, because all company profits had been reinvested in the company.Īt the center of the case is something called the Mandatory Repatriation Tax, which was passed as part of the 2017 Tax Cuts and Jobs Act. Charles and Kathleen Moore were sent a bill by the IRS saying they owed taxes on income received from their investment in the company KisanKraft. United States-involves a Washington state couple challenging a $14,729 tax bill on income that they say shouldn't count as income. At issue is "whether the 16th Amendment authorizes Congress to tax unrealized sums without apportionment among the states," SCOTUSblog explains. The Supreme Court has agreed to hear a tax law case that could "yield billions of dollars for large corporations, block Democrats' proposals to tax wealthy Americans and upend longstanding chunks of the tax code," as the Wall Street Journal describes it.
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