Staff Reports
The recent decision from the U.S. Supreme Court to uphold a 2017 tax law signed by former President Trump has left liberals in a tizzy. In a 7-2 ruling, the justices shut down a legal challenge from Kathleen and Charles Moore, who were unhappy about a $14,729 tax bill on their foreign investments. The Moores tried to argue their way out of paying up, claiming they didn’t make any money from their overseas ventures. But the court didn’t have it.
Justice Brett Kavanaugh, penning the majority opinion, made it clear that this decision was narrowly focused on the specific tax issue. He reiterated that the law in question targeted shareholders of certain foreign companies who had profits, regardless of whether those profits were distributed or not. Kavanaugh pointed out that this ruling should not be twisted to pave the way for taxing unrealized gains, as some on the left had hoped.
NEW: Supreme Court Rejects Challenge To Trump-Era Policyhttps://t.co/JKqJdtPPIH
— Sheri™ (@FFT1776) June 20, 2024
Of course, like clockwork, Senator Elizabeth Warren swooped in to criticize the decision, calling the Supreme Court “illegitimate.” This ruling did not support Warren’s call for a wealth tax on the ultra-rich, but that didn’t stop her from trying to spin the narrative in her favor. Meanwhile, Justices Neil Gorsuch and Clarence Thomas dissented, with Thomas arguing that the majority missed the mark by not focusing solely on realized income, as outlined in the Sixteenth Amendment.
Ultimately, this Supreme Court decision stands as a win for those who believe in fair taxation and responsible economic policies. The attempt from the Moores to dodge their tax bill was rightfully shut down, setting a precedent that tax laws should be upheld, not manipulated to fit personal agendas.
