The Supreme Court Will Finally Decide What ‘Income’ Means

null By Hank Adler and Lacy WillisDec. 4, 2023 5:37 pm ETWonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark KellyThe Supreme Court hears oral arguments Tuesday in the most important tax case in decades. Moore v. U.S. will answer the question of whether Congress can tax unrealized capital gains as if they were income under the 16th Amendment. The case has attracted a flood of friend-of-the-court briefs, mostly cheering for the tax collectors. Many argue outright that there is no requirement for profit to be realized—which usually means selling an asset at a profit—for a taxpayer to be hit with an income tax as the Constitution means it. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Sponsored OffersHotels.com: Cyber Week Sale: Extra 30% off SitewideMichaels: Michaels coupon - Save an extra 15%Kohl's: Kohl's coupon - 30% of

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Opinion Dec 4, 2023 Add to Reading List

The Supreme Court Will Finally Decide What ‘Income’ Means

null

Hank Adler

and

Lacy Willis

Dec. 4, 2023 5:37 pm ET

Wonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark Kelly

The Supreme Court hears oral arguments Tuesday in the most important tax case in decades. Moore v. U.S. will answer the question of whether Congress can tax unrealized capital gains as if they were income under the 16th Amendment.

The case has attracted a flood of friend-of-the-court briefs, mostly cheering for the tax collectors. Many argue outright that there is no requirement for profit to be realized—which usually means selling an asset at a profit—for a taxpayer to be hit with an income tax as the Constitution means it.