It seemed like a run of the mill wonky tax case. The Moores want the prior SCOTUS case overruled, to not allow taxations without realization. This would invalidate the few exceptions to the general income tax regimen that only tax realized income, and have implications for the ongoing budget negotiations. But it gets even more interesting because2) Buried in the plaintiff's briefs was an argument that the mandatory repatriation tax stress-tests the income/wealth tax distinction (note the right in financing the case). (really major tax heads discussing the case to death for those who are disturbing into tax policy stuff)

Source: Wall Street Journal December 04, 2023 09:06 UTC