@cmuratori constitutional law professor Casey: is this proposed unrealized gain nonsense in violation of the 16th amendment?
The federal government is prohibited from collecting property tax unless it then gives the collected tax back to the States in proportion to their population. They would not, as far as my Constitutional knowledge goes, be allowed to use it to fund any Federal programs.
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We could have a discussion about whether Congress could tax unrealized capital gains as a property tax, but it would have to be some other time when someone was actually proposing that. What is proposed currently is a direct income tax that the Federal government keeps itself.
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Fair enough, I wasn’t aware of any of that so it appeared more analogous than it really was, because it seems only state governments can do such things.
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One of the major problems with American politics is that unless you go to law school you are never really taught how Federalism actually works :( It causes huge understanding gaps, esp. for SCOTUS, whose decisions reporters (and the public) constantly misunderstand.
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