INSTANT POVERTY FOR ALL: Supreme Court ruling could impose paper gains tax on all assets | louder.news

Moving on to today's financial news, because there's a massive US Supreme Court case coming up called Moore v. United States. If the Supreme Court sides with the federal government on this, it would allow the federal government to seize virtually every asset of the American people, including your stocks, your home, your land, your gold, everything, almost everything. So this case challenges the constitutionality of a tax law that was part of a law enacted in 2017 under Trump.

This law required a one-time repatriation of unrealized profits held abroad. So if you were an investor in a company overseas and then that company never paid you any profits, but if it reinvested its own dividends and you keep your ownership of that company, you're supposed to pay taxes on these unrealized gains, even though they were never paid to you.

So this couple, Charles and Kathy Moore, are suing the government after they were billed roughly $14,700 in tax liability. It has gone to the Supreme Court, the oral arguments have already taken place. That was about a week ago. And the Supreme Court has to rule on this… many people believe in June 2024.

Now, importantly, if the Supreme Court rules that the federal government can tax unrealized gains, that is, paper profits, on investments held by American citizens, that would be absolutely catastrophic for the people American for their savings, for their assets, for their retirement funds, everything. And here's a quote from Peter Schiff. He tweeted this, and I think it encapsulates the potential crisis we all face if the Supreme Court rules in favor of the federal government, he says:

If the Supreme Court rules in favor of the government and allows it to redefine income to include any unrealized appreciation in any asset, that will give the federal government new power to nationalize the nation's entire stock of assets. In hyperinflation, the only shelter people have is the ability to hold real assets and never sell them. But if the federal government can claim unrealized inflationary gains as taxable income, then almost all Americans will be forced to sell their assets just to pay their tax liabilities.