Sloan: Leaving the door ajar on a wealth tax
By Kelly Sloan | Contributing Columnist, Rocky Mountain Voice
The progressive’s unquenchable appetite for exacting every last ounce of flesh from those who have accumulated more wealth than Bernie Sanders thinks appropriate may have gotten a bit of unsolicited help from the Supreme Court last week.
The Court, in Moore v. U.S., upheld a provision from the 2017 tax reform, the mandatory repatriation tax (MRT), that assigned a one-time tax on shareholders of predominantly U.S.-controlled foreign firms, on retained (and therefore untaxed) earnings proportional to their ownership stake. The 7-2 ruling – with Thomas and Gorsuch dissenting – was rather narrow, as Justice Kavanaugh took pains to note in his opinion joined by Chief Justice Roberts, focusing solely on the specifics of the case...