Topline
The Supreme Court will hear oral arguments Tuesday in a case concerning whether a couple had to pay taxes on an investment they didn’t profit from — potentially calling a significant number of provisions in the tax code into question and thwarting Democrats’ efforts to impose a wealth tax on the richest Americans depending on how the court rules.
Key Facts
Moore v. United States was brought by couple Charles and Kathleen Moore, who made a $40,000 investment in Indian company KisanKraft Machine Tools Private Limited, and reinvested the money they made from that investment back into the business without taking a profit.
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