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The article discusses Washington Governor Jay Inslee's proposal for a wealth tax as he prepares to leave office with a significant budget shortfall. The tax would target residents with wealth exceeding $100 million, potentially affecting 3,400 individuals. Critics argue that such a tax could drive wealthy individuals to relocate to states with lower taxes, impacting the state's competitiveness. The article highlights concerns about the effectiveness of wealth taxes based on experiences in other countries and the potential consequences for Washington's economy. [Extracted from the article] more...

The article discusses the implications of a proposed wealth tax, specifically focusing on the requirement for taxpayers to report the value of their net worth annually. The author questions whether this would necessitate valuations by IRS-approved experts for nonpublicly traded assets, highlighting concerns about the practicality and feasibility of such a tax policy. The article presents a critical perspective on the potential challenges and complexities associated with implementing a wealth tax. [Extracted from the article] more...

The article discusses the debate between Mark Cuban and Kamala Harris regarding the proposed billionaire minimum tax, which would tax unrealized capital gains for households worth over $100 million. While Cuban believes Harris would not implement such a tax, Harris has endorsed it and confirmed her support on the campaign trail. The article highlights the potential implications and challenges of implementing such a tax, including the need for taxpayers to assess the value of their assets annually and the constitutional concerns surrounding taxing unrealized gains. [Extracted from the article] more...

"Born to Rule" by Aaron Reeves and Sam Friedman argues that Britain is still controlled by a small sociopolitical elite, just as it was in the late 19th century. The authors believe that elites are undemocratic, inequality is unacceptable, and meritocracy is a myth. They propose remedies such as harsh property and wealth taxes, capping private school admissions to top universities, and replacing the House of Lords with a randomly selected chamber of citizens. The authors draw on empirical data from "Who's Who" to support their claims. However, the article questions whether Britain is truly a bad place to live for non-elites and suggests that meritocracy may indeed exist. [Extracted from the article] more...

The article discusses the uncertainty surrounding Vice President Kamala Harris's policies and its potential impact on the economy. Unlike President Trump, whose policies were well-known, Harris's evolving agenda has left markets unsure of what to expect. The article highlights some of the policies Harris has endorsed in the past, such as bans on fracking and offshore drilling, going carbon neutral by 2030, and implementing progressive tax measures. The authors argue that these policies could have negative effects on corporate investment, labor markets, and small businesses. They also mention the differences in regulatory policies and the rule of law between the Trump and Biden-Harris administrations. Overall, the article suggests that Harris's policies could harm the economy if implemented. [Extracted from the article] more...

The article discusses the potential consequences of taxing unrealized capital gains, specifically in relation to Vice President Kamala Harris's proposed tax on the ultrawealthy. The authors argue that such a tax could have a negative impact on capital markets and retirement accounts, and may ultimately lead to broader taxation. The article includes personal examples and perspectives from individuals who believe that this tax proposal could have significant repercussions. [Extracted from the article] more...

The article discusses how the super-rich use subtle cues and symbols to signal their wealth to each other. Rather than flaunting high-end labels, the wealthy opt for "quiet luxury" and "stealth wealth." For example, they may wear earthy-colored cashmere and luxurious suede. The article explores various ways in which the wealthy signal their status, such as through watches, jewelry, exclusive experiences, and travel. It emphasizes the importance of projecting an attitude of nonchalance and casualness while still making it clear that one is wealthy. The article also touches on the challenges of signaling wealth in urban environments like Manhattan, where traditional symbols like estates and automobiles are not as visible. Overall, the article provides insights into the subtle ways in which the super-rich communicate their wealth to each other. [Extracted from the article] more...

Kamala Harris has expressed support for a new tax on unrealized capital gains called the "billionaire minimum tax." This tax would apply to the income and unrealized capital gains of Americans worth over $100 million and is estimated to generate $500 billion in tax revenue over the next 10 years. However, critics argue that this tax would have negative consequences for the stock market and all investors, not just the wealthy. They claim that the tax would lead to a selloff of stocks, driving down prices and reducing returns for investors. Additionally, the tax could incentivize wealthy individuals to delist public companies or keep their private companies from going public, further shrinking public markets. This could have a detrimental impact on individuals with 401(k) retirement plans, as private markets are not accessible to the majority of investors. [Extracted from the article] more...

In this article from the Wall Street Journal, the author discusses the concept of "trickle-down economics" and its impact on the American economy. While President Biden and other politicians criticize this approach, the author argues that lower taxes for the rich actually spur investment and benefit people of all classes. The author cites examples of how wealthy individuals have invested in innovative technologies, such as smartphones, which have ultimately benefited society as a whole. The article suggests that excessive taxation could hinder the ability of entrepreneurs to fund new ventures and urges readers to appreciate the role of the wealthy in enabling economic prosperity. [Extracted from the article] more...

Treasury Secretary Janet Yellen has stated that the United States does not support a proposed global wealth tax on billionaires. This idea, put forth by Brazil, France, and other nations, aims to prevent the wealthy from moving their money to low-tax jurisdictions. Yellen's opposition to the talks on this issue will be discussed further at a meeting with finance ministers from the Group of Seven advanced democracies. Proponents of the global wealth tax argue that it would prevent the rich from avoiding taxes and help countries raise more revenue to address income inequality. However, Yellen believes that a common global arrangement for taxing billionaires is not feasible. [Extracted from the article] more...

Four countries in the G-20 group of nations, including Germany, Spain, Brazil, and South Africa, have proposed a 2% wealth tax on billionaires. They argue that this tax would raise around $250 billion annually and promote social justice and fiscal redistribution. However, this tax would primarily affect Americans, who have the highest number of billionaires. The proposal would require the endorsement of the G-20, including President Biden and Treasury Secretary Janet Yellen, and could potentially take years to be approved by the U.S. government. The G-20 is increasingly at odds with U.S. interests, and the Biden Administration is open to ceding more power to multilateral institutions. [Extracted from the article] more...

Charles Littlejohn, a former Internal Revenue Service contractor, has been sentenced to five years in prison for stealing and leaking confidential tax records, including those of Donald Trump and other wealthy Americans. The judge called the crime an "intolerable attack on our constitutional democracy" and emphasized the need to deter others from similar actions. The New York Times, which received and published the leaked information, expressed concern about the prosecution of whistleblowers. The stolen tax returns revealed no illegal activity but were used to promote political interests. [Extracted from the article] more...

California Governor Gavin Newsom has expressed his displeasure with the Wall Street Journal for reporting on a wealth-tax proposal in the state Assembly. Newsom presented his budget for the coming year, which aims to address a $68 billion shortfall. However, the state has been experiencing a brain drain, with affluent taxpayers leaving California due to concerns about increasing tax bills and the state's promises to public unions and welfare programs. Newsom's budget relies on higher tax revenue and accounting gimmicks to fill the deficit, raising questions about its sustainability. It is worth noting that Newsom's potential successor, Attorney General Rob Bonta, has championed a wealth tax in the past. [Extracted from the article] more...

California Democrats are proposing a wealth tax on high earners as a way to address the state's projected $68 billion budget deficit. The bill would impose an annual excise tax of 1.5% on the worldwide net worth of California residents exceeding $1 billion, with additional taxes on wealth exceeding $50 million and $1 billion. The tax would apply to nearly all assets, except for real property. Additionally, the bill includes a provision that allows plaintiff attorneys to sue wealthy individuals for allegedly under-reporting assets, with the attorneys receiving a share of the state's recovery. The wealth tax is estimated to generate $21.6 billion in revenue annually, but it falls short of covering the state's budget deficit and increasing Medicaid spending. Critics argue that the tax may drive away businesses and high earners, and that it reflects Sacramento's tendency to levy new taxes to support more spending. [Extracted from the article] more...

The article discusses the case of Moore v. United States, which is considered the most important Supreme Court tax case in a century. The case involves the taxation of a fictitious distribution of property from a foreign corporation to the Moores, who argue that they did not realize any income as required by the 16th Amendment. The government suggests that a corporation's realized income may be attributed to shareholders, but this position is inconsistent with the relevant statute. The article argues that calling reinvested capital property as income is incorrect, as there is no income to attribute to shareholders if the corporation itself has no current income. [Extracted from the article] more...

The article discusses the potential implications of a wealth tax and the concept of taxing unrealized gains as income. The author, Ilya Shapiro, argues against such a tax, warning of the potential havoc it could cause. The author emphasizes that the government currently only taxes net gains after deductions and questions the idea of allowing unrealized deductions. The article includes a letter from Jonathan Putnam, who supports the author's argument and questions the logic of receiving the benefit of a donation that may never occur. [Extracted from the article] more...

This correction notice responds to an editorial in the Wall Street Journal titled "The Supreme Court and a Wealth Tax." The author, George Callas, argues that the provision before the court is not a wealth tax but rather a tax on foreign income previously deferred by Congress. He emphasizes that taxable income is limited to shareholders' share of the corporation's realized profits and that a wealth tax would be unconstitutional. Callas also disputes the existence of a "doctrine of constructive realization" and asserts that reports of a wealth tax are greatly exaggerated. In response, a reader named Jim Williams disagrees with Solicitor General Elizabeth Prelogar's definition of income and expresses concern that she is laying the groundwork for a wealth tax by equating "money received" with paper gain or appreciation. [Extracted from the article] more...

The article discusses the Supreme Court case of Moore v. U.S., which centers around the question of whether unrealized gains should be taxable under existing law. The government argues that the 16th Amendment's authorization of "income" taxes allows for the taxing of unrealized gains, while the Moores argue that income taxes should only apply to realized gains. The article highlights the potential implications of the government's position, stating that if the court rules in their favor, it would mean that the tax code already reaches all unrealized gains. The author raises concerns about the broad definition of income and the potential impact on the tax code. [Extracted from the article] more...

The article discusses the Supreme Court case of Moore v. U.S., which involves a challenge to a one-time "mandatory repatriation tax" imposed by Congress in 2017. The tax targeted American multinationals with foreign subsidiaries that had avoided U.S. taxes by keeping earnings offshore. The plaintiffs, Charles and Kathleen Moore, argue that the tax violates the Constitution's requirement that direct taxes be apportioned among the states based on population. The case has broader implications for the constitutionality of a wealth tax. The article presents different perspectives on the issue and highlights the potential consequences of the Supreme Court's ruling. [Extracted from the article] more...