@cmuratori constitutional law professor Casey: is this proposed unrealized gain nonsense in violation of the 16th amendment?
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Replying to @sssmcgrath
I have literally zero experience with 16th Amendment law. It would be interesting to study. I assume that https://supreme.justia.com/cases/federal/us/252/189/ … would be the starting point, which would seem to imply that until you realize a gain, it is not income.
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Replying to @cmuratori @sssmcgrath
Property tax already exists and seems quite analogous.
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Replying to @dundarious @sssmcgrath
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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