For years, liberal Democrats have agitated for the United States to tax wealth, not just income, as a way to ensure that rich Americans who derive wealth from real estate, stocks, bonds and other assets were paying more in taxes.
On Thursday, that dream survived a Supreme Court scare, but just barely.
The idea of a wealth tax was not directly before the court on Thursday.
Justices were considering the constitutionality of a new tax imposed under former President Donald J. Trump that applies to certain income earned by businesses overseas.
But in taking the case, the court could have pre-emptively ruled federal wealth taxation unconstitutional.
Persons:
Donald J, Trump, “, Amy Hanauer, ”
Organizations:
Taxation, Economic
Locations:
United States