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The Supreme Court ruled Thursday that a part of President Trump's 2017 'Tax Cuts and Jobs Act' that levied a tax on capital appreciation is constitutional. Justice Brett Kavanaugh wrote the majority opinion. Justices Clarence Thomas and Neil Gorsuch dissented.
The court ruled 7-2 that the mandatory repatriation tax, or MRT, is constitutional under the taxation regimes defined in Article I and the 16th Amendment. In short, the MRT imposed a one-time requirement for US citizens and companies to repatriate money held overseas. //
The Moores had earned $0 from their investment, but the value of their investment had increased because the business they invested in was successful. Because their investment was successful, that unrealized gain, which could totally disappear in a few months if things went pear-shaped, was taxed.
Why is this important?
The lodestar of the far left is "income inequality." They want everyone to be poor but them. Where their policies are defeated is by frugality and investment. //
The wealth tax's strategy is to prevent the accumulation of intergenerational wealth and penalize those who work hard, save, and invest in favor of those who consume. Every time your stock portfolio or home increases in value, a wealth tax would make that gain taxable, even if you didn't cash out. //
FreeWilledThinker
an hour ago
I just read the opinion and, even though I am a Constitutionalist and favor strict construction, I would have voted with the majority on this one. The reason why is due to the pass-through nature of the company. Every LLC in the U.S. works this way, where you get a K-1 and get taxed, even where not a cent has come into your bank account.
I think the muddy water comes from the ownership mechanism. As a shareholder, the Moore's wish to treat the pass-through as though it is not taxable on the owned company's income, but it would be were it based in the U.S. and did not pay any tax on the base income. //
Buckeye kamief
18 minutes ago
But that interest would be taxable if NOT in an IRA -- which is the crux of this. These folks were catching gains on a foreign corporation NOT in an IRA, yet because of reinvestment, they weren't paying any taxes. Compare to US tax code in existence -- if you have a stock and it's in a dividend re-investment program, which is effectively exactly what they were doing, you DO PAY TAXES on those dividends, even though you chose to re-invest. That's another reason I agree with the USSC on this one. Their Indian corporation was making money, but not calling it a "dividend", and they kept putting it back in....sorry that's basically tax evasion by US code.
In today’s enlightened digital age, your purchase is simply an entry at your broker’s computer, and you do not own what you think you own. Under laws in all 50 states, what you actually own is a “securities entitlement.” This is a new form of “property ownership” that is more like a contract between you and your broker. Progress.
But if the financial system were to totally collapse—think 2008, but much bigger—nearly every stock and bond that is in electronic form can be legally taken as collateral by the largest “too big to fail” financial institutions. Sure, it would crush many millions of individual investors. But it’s all for a good cause: saving the systemically important financial institutions. You can’t make an omelet without breaking a few eggs, right?
This will happen without your knowledge and without any action or fault on your part—even if you are entirely debt free. If that sounds wrong, it’s because it is. It is also legalized fraud.
So, how did we get here? It is a fascinating story involving some of the most boring and dense state laws on the books. Hat tip to ZeroHedge for posting an article titled “Intentional Destruction: First COVID, Now Comes ‘The Great Taking’” by Matthew Smith that was in part based on the work of David Webb and his book The Great Taking. //
The Uniform Law Commission (ULC) was formed for the purpose of developing state-level laws that would change the patchwork quilt of state laws into a more uniform set of statutes. The most prominent uniform law is the Uniform Commercial Code (UCC), and this issue centers around UCC Article 8. The ULC presented a model law revising Article 8 in 1994, and the law was passed by all 50 states over the next several years.
Sitting inside the new Article 8 language are several provisions that put the rights of individual investors at risk. The first significant change is the concept of “securities entitlement.” //
The individual investors have no role in the lending practices of their broker, why does the law allow the taking of their assets?
To answer that question, you need to know the fundamental objective of the Article 8 revisions. The driving motivation was systemic risk in the financial markets (if they were worried about systemic risk in 1994, what do they think about it now?). Importantly, the Article 8 revisions did not do anything to reduce the likelihood of systemic risk. In fact, the committee made it worse by removing risk and consequences for shady financial activity. Instead, what the changes actually do is protect the “too big to fail” banks if a systemic financial collapse occurs.
The UCC has turned the concept of property rights upside down, but the UCC is also a state law, and state legislators can, therefore, take steps to restore the rights of investors or, at the very least, require informed consent. //
any system that requires the people to sacrifice their property to support the financial institutions that built this mess in the first place is not a system worth saving. //
anon-cugn
14 hours ago
From The Two Towers:
Theoden: I will not risk open war!
Aragorn: Open war is upon you, whether you would risk it or not.
We have an enemy. We are at war.
1 Peter 5:6-11
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