The Supreme Court announced Monday it will weigh in on the constitutionality of wealth taxes by deciding whether Congress may require taxpayers to pay their share of earnings from a foreign company, even if they received no dividends or income.
The 16th Amendment says Congress has the power to “lay and collect taxes on incomes, from whatever source derived.” And that has been understood to mean that the government may impose taxes on wages or earnings and stock dividends, but not on property or corporate wealth that grows in value. These are referred to as “unrealized gains.”passed by the Republican-controlled Congress which imposed a one-time tax on Americans who owned shares in foreign corporations that gained in value.
“There is no blanket constitutional ban on Congress disregarding the corporate form to facilitate taxation of shareholders’ income,” the appeals court said. “In other words, there is no constitutional prohibition against Congress attributing a corporation’s income pro-rata to its shareholder.”
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