But is it constitutional?

Reader comment on: A 25 Percent Biden Wealth Tax?

Submitted by Andrew Terhune (United States), May 15, 2023 17:08

The 16th Amendment allows for the taxation of income, "from whatever source derived,...". That last word, derived, is key. Notional income such as that from unrealized capital gains, hasn't been derived and thus wouldn't be covered by the 16th Amendment.

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