Billionaires Don’t Want You to Know About This Supreme Court...

Billionaires Don’t Want You to Know About This Supreme Court Case

A majority of Americans support a wealth tax. But, surprise, surprise, the wealthy Republican megadonors who’ve been plying Supreme Court justices with gifts and vacations do not. And if those justices don’t recuse themselves from a case I’m about to explain, it will be a grave conflict of interest and potentially block Congress from ever enacting a wealth tax.

Moore v. U.S. concerns a one-time tax charged in 2017 on profitable foreign investments regardless of whether investors cashed them in.

The plaintiffs argue that the tax is unlawful under the 16th Amendment, which gives Congress the power to tax incomes.

Right now the super wealthy can take advantage of increases in the value of their stock portfolios by using stock as collateral to borrow all the money they need instead of taking taxable income. It’s a way to have their cake and eat it too.

If the Supreme Court buys the argument that the Constitution does not give Congress the power to tax increases in the value of investments, that would make it impossible to ever pass a wealth tax.

But here’s the kicker: This case raises profound conflicts of interest on the Supreme Court.

Justices Samuel Alito and Clarence Thomas both accepted luxury vacations from billionaires who stand to gain financially and are tied to conservative political groups that are responsible for appealing the case.  

No wonder Americans don’t trust the Supreme Court.

So what can you do?

First, share this video to spread the word about this little-known case.

Second, contact your representatives, and urge them to demand that justices with conflicts of interest recuse themselves.

And third, if your representative doesn’t support a wealth tax to combat inequality, replace them with somebody who does.

With so much at stake, now is not the time to sit on the sidelines.

Robert Reich

This is from Robert Reich’s blog, www.robertreich.org. He is professor of public policy at Berkeley, former U.S. Secretary of Labor, and author of 13 books, the most recent of which is “Aftershock: The Next Economy and America’s Future.”