The U.S. Supreme Court will soon hear oral arguments in a case that raises a question most people have likely never even considered: Can your income be taxed before you receive it? The answer is usually no, but sometimes it’s yes.
This is an important question because if Congress cannot tax income before it’s received, tax loopholes that have long been closed would be reopened. That would further tilt the tax system in the favor of the rich, potentially exacerbating the nation’s wealth divide, and costing the government hundreds of billions of dollars in lost revenue, a recent Tax Policy Center report explains.
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