(EDITOR’S NOTE: Orange-linked text is clickable for additional information.)
“The Supreme Court announced Monday it will weigh in on the constitutionality of wealth taxes by deciding whether Congress may require taxpayers to pay their share of earnings from a foreign company, even if they received no dividends or income.
The case of Charles and Kathleen Moore, and their $14,729 tax bill, has garnered much attention on the right because of what it could mean if progressive Democrats take control of Congress.
The 16th Amendment says Congress has the power to ‘lay and collect taxes on incomes, from whatever source derived.’ And that has been understood to mean that the government may impose taxes on wages or earnings and stock dividends, but not on property or corporate wealth that grows in value. These are referred to as ‘unrealized gains.’
But last year, the 9th Circuit Court upheld part of the 2017 tax bill passed by the Republican-controlled Congress which imposed a one-time tax on Americans who owned shares in foreign corporations that gained in value.
The Moores said they received no income or dividends from their investment in a company in India that supplies equipment to small farmers, and they sued, alleging the tax was unconstitutional. They lost before a federal judge and appeals court.
‘There is no blanket constitutional ban on Congress disregarding the corporate form to facilitate taxation of shareholders’ income,’ the appeals court said. ‘In other words, there is no constitutional prohibition against Congress attributing a corporation’s income pro-rata to its shareholder.’"
“FTX Chief Executive John J. Ray III released a report that alleged an unnamed senior lawyer assisted the crypto exchange’s founder, Sam Bankman-Fried, in misusing customer deposits.
Based on the actions that the report alleges, the unnamed lawyer in the document appears to be FTX’s former chief regulatory officer, Daniel Friedberg, people familiar with the matter said.
Friedberg has been cooperating with the investigation and didn’t know about the misuse of FTX customer funds, said one of the people, who is close to Friedberg.
The report alleged that the lawyer and Bankman-Fried lied to banks and auditors, executed false documents, and moved between jurisdictions to avoid detection of wrongdoing.
The exchange owed customers $8.7 billion at the time of its collapse, the report said.
A spokesman for Bankman-Fried declined to comment.“
“President Joe Biden is about to launch his most ambitious effort to persuade skeptical voters that the US economy is thriving on his watch, a case that’s key to his re-election prospects.
The president will deliver what the White House is calling a major address in Chicago on Wednesday to outline the theory and practice of ‘Bidenomics.’ He’ll draw a contrast with the small-government philosophy that Republican opponents have espoused for decades, and argue that his more interventionist approach is already delivering benefits — for lower-income Americans in particular — and rebooting US industry.
It’s the clearest sign yet that Biden, 80, plans to put the economy at the center of his campaign for a second term — which could prove a high-risk strategy. After two years of rapid inflation, Americans are generally unimpressed by the state of their economy, and things could get worse if there’s a recession before election day, as many forecasters expect.”
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“Mega-Grifter Wednesday,” Ripped From The Headlines. Things To Ponder:
“If It Exists, We’ll Tax It!”
Your government loves you so much, that they’ll tax you on what you haven’t earned yet…
That’s not a typo, Friends…
The Supreme Court of the UNITED STATES is about to rule on a case that will set the stage for you to be taxed into oblivion.
Imagine you’ve made investments of $100,000… either on your own or through your 401k…
And the value of what you’ve invested in goes up to $200,000…
You haven’t tried to “cash it out” or anything, you’re just letting it grow…
Then, all of a sudden, you get a letter from the IRS wanting $15,000 from you…
That’s what your future looks like if the pending Supreme Court opinion doesn’t fall in your favor.
Know Your Foe.
“You Helped With The Grift? You Get A Free Pass Too!”
The Sam Bankman-Fried case with FTX is the gift that keeps on giving…
Now, we have a lawyer that appears to have helped him out with the grifting…
This story has so many moving parts, with so many players in government that STILL have not answered questions, that it requires an understanding of why.
We encourage you to start with these episodes of the Zelenko Report and The Carl Jackson Show, where our publishers, Julianna Ormond & RC Williams, break down how deep the rabbit hole goes:
Here’s the question you should be asking: Will the people with the power to really do something about this act in the best interests of the public… or will they save their own skin?
Interesting indeed.
Know Your Foe.
“Trust Me… The Economy Is Great… At Sucking!”
Joe Biden is going to attempt to convince you that everything is great with the economy and that you should let the government do morecontrol your entire life…
“For More Equitable Outcomes.”
Here’s an example of “how good” things are…
Homes are generally the most valuable asset that people have, right?
Check this out:
Does that “look great” to you?
How about what you’re paying at the grocery store?
That’s the result of “Bidenomics…”
Brace For Impact.
What Does This Mean?
It means that investing for a return on that investment may no longer make sense, that if you’re a criminal who pays both sides, you’re likely to get away with the crime, and that a senile old man is leading you off of an economic cliff…
That’s not good.
Why Should I Care?
These headlines alone should answer that for you, but just remember you’re not immune from this - doesn’t matter how much you have, where you live, or anything else.
If you are blessed to have means, start thinking about what you, your family, and your community are going to need, and how commerce will happen in a super local economy.
Tell people about what’s happening. Don’t argue, SHARE. Let them see it for themselves, then get them to subscribe to this newsletter.
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Ripped From The Headlines is your daily digest of what’s happening in the world. We help you to understand what it means, why you should care, and what you should do.
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