After the big rulings against affirmative action, and paying off student loan debt, the U.S. Supreme Court could deal Joe Biden another major blow after more cases are heard this fall.
One of the key cases on the agenda is Moore vs. United States, which will basically determine whether or not Biden can impose a new 'wealth tax'.
"If the Supreme Court rules in favor of the Moore's" said Haisten Willis, White House Reporter for the Washington Examiner, "The idea of having unrealized stock gains count as income, would be invalidated, and therefore Biden's billionaire's tax would be off the table. It would be illegal."
So, in addition to being taxed on your income, you would also be taxed on wealth, whatever the administration decides that will be.
"The Supreme Court has issued the Biden administration several setbacks, and they are not finished causing headaches for the Biden administration as I wrote in my story" Willis told KTRH, "The Constitution is very strict on what the government can collect, it has to be real income according to the 16th Amendment, and that's what's at heart here."
If the Court doesn't step in and strike it down, it could open the door to all kinds of new taxes at the federal level.
Photo: Getty Images