While lawmakers have a growing interest in taxing the ultra-rich, last week's Supreme Court ruling could threaten future wealth tax proposals, experts say.
While the justices didn't comment directly on wealth taxes, the ruling scattered clues about whether certain revenue raisers could pass constitutional muster. "No billionaire should pay a lower federal tax rate than a teacher, a sanitation worker or a nurse," Biden said during theHowever, the Supreme Court opinions and Biden's proposal"seem like they're probably on a collision course," said Alan Cole, senior economist with Tax Foundation's Center for Federal Tax Policy.
What's more, Kavanaugh's majority opinion, which"analytically divides direct and indirect taxes" and referenced Prelogar's comment, could put the wealth tax proposals from Warren and Sanders"on the wrong side of the constitutional line," Rosenthal said.
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