The case, Moore v US, put into question what assets are considered taxable income. Some experts say the case was used as a vehicle to give the supreme court an opportunity to weigh in on a hypothetical billionaire’s tax, which would raise similar questions on what assets can be taxed. “Right-wing billionaires hoped an obscure legal case would blow up the tax code to avoid paying what they owe, but this effort failed at the supreme court. The case focused on Charles and Kathleen Moore, a couple from Washington state who owned a small stake in an India-based company that sells affordable farm equipment in India. The supreme court was tasked with deciding whether the Moores’ investment in the company was considered income.

Source: The Guardian June 20, 2024 21:45 UTC