Page 6 - Sixteenth Amendment News Today

The question presented in Moore is: “Whether the 16th Amendment authorizes Congress to tax unrealized sums without apportionment among the states.” Specifically in the Moore case, the question is whether Congress may tax as income the Moores’ pro rata share of the undistributed earnings of a corporation in which they are shareholders.

When the Supreme Court hears Moore v. United States in its upcoming term, the justices will technically be hearing a case about a minor one-time repatriation tax that was buried in a federal tax-code overhaul six years ago. What they may actually be deciding is whether Democratic proposals for a federal wealth tax are unconstitutional.That is the hope, at least, of the dozens of right-wing legal groups and other organizations representing wealthy Americans that filed friend of the court briefs w

In the tax world, the Supreme Court's decision to hear arguments in Moore v. United States is a big deal because it challenges the constitutionality of a tax on foreign earnings known as a mandatory repatriation tax...

I encourage people to ask questions. I believe there are only two “stupid” questions in the world: The one you don’t ask and the one you ask three times. Questions are important. We cannot truly learn unless we ask questions. Several weeks ago I posted the article The Role of Congress.

If you take out a life insurance policy with an annual premium of more than Rs 5 lakh, the maturity proceeds will be taxable.

The Central Board of Directed Taxes (CBDT) has notified the computation of income chargeable to tax for the amount received under the life insurance policy.The CBDT has inserted Rule 11UACA in the...

Under the new provision, policies issued on or after April 1, 2023, will be exempted from tax only if the total aggregate premium does not exceed Rs 5 lakh annually.

A tax case pending in the United States Supreme Court, Moore v. United States, may cause a cataclysmic change in the federal income tax. The 16th Amendment to the United States...

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Amendment (Sixteenth Amendment), Rules, 2023, prescribing rule 11UACA for calculating income with respect to sum received upon maturity of life insurance policies.

For policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid is up to Rs 5 lakh a year