The Post & Email by Kathleen Marquardt 12/12/2023
Do you like your home? Do you want to keep it? Your business?
It isn’t Halloween or April Fool’s Day, but you’d better be scared. The Supreme Court of the United States is hearing oral arguments on a case that reads like a trip to Dante’s hell. But if this case takes a wrong turn, we all will join Dante Alighieri there.
We have recently been warned that property taxes are going to go up, but there hasn’t been a mention that we are going to be paying taxes on monies that we might see for years or decades. Well, well, look at what is happening to the Moores.
David Catron’s article in The Spectator, “The Scariest SCOTUS Case This Term,” informs us of one of the evils our federal government is cooking (cooked?) up for us.
Tuesday morning, the U.S. Supreme Court will hear oral arguments pursuant to a case in which Charles and Kathleen Moore argue that an obscure provision of the 2017 Tax Cuts and Jobs Act is unconstitutional.
At issue is the “mandatory repatriation tax” (MRT) and a 13 percent stake owned by the Moores in a company that supplies low-cost equipment to small farmers in India. The couple has never received income from this stock because the company reinvests all its profits in the business. Historically, the IRS hasn’t taxed shareholder “earnings” until they receive dividends or sell their stock for capital gain. Yet, pursuant to the MRT, the Moores received a $14,729 tax bill on their share of company profits.
According to Amy Howe in SCOTUSblog, “… until 2017, nothing in U.S. tax laws authorized the federal government to tax a controlled foreign corporation’s foreign income unless and until that income came to the United States – for example, through a distribution to U.S. shareholders”.
More:
https://www.thepostemail.com/2023/12/12/cancel-culture-do-you-like-your-home-do-you-want-to-keep-it/
