President Joe Biden hasn't had a great start to 2023, especially regarding a string of losses he's taken, directly and indirectly, at the hands of the U.S. Supreme Court.
Most recently, the Biden administration was completely shot down regarding its plan to forgive some $430 billion in student loan debt, marking yet another serious blow.
The Washington Examiner reported that soon, the high court could dismantle his idea of taxing America's wealthy.
Biden has pushed the idea of a billionaire tax, explaining his proposal at the last State of the Union Address.
"Reward work, not just wealth. Pass my proposal for a billionaire minimum tax," Biden said during the address. "Because no billionaire should pay a lower tax rate than a school teacher or a firefighter."
The Supreme Court has agreed to hear a tax case that could put the fate of the Biden administration's "wealth tax" and other future tax proposals in jeopardy.
It could pump the brakes on @POTUS's tax proposal aimed at taxing the U.S.'s ultra-wealthy.https://t.co/kNlEPCqhup
— Washington Examiner (@dcexaminer) June 29, 2023
The Examiner added:
Biden later proposed a 25% annual tax on all gains to wealth in excess of $100 million in a given year, including unrealized capital gains which aren't currently taxable. The White House says that the tax would only apply to the top 0.01% of the highest earners.
The idea that legislation regarding such a monumental move could survive the Republican-led House is already a longshot, but it might not even get that far if the Supreme Court shoots it down first.
The case is called Moore v. United States, and hearings are expected to kick off in October.
"The Wealth Tax Idea Is Headed for Sudden Death
in the Supreme Court"This summer, the Supreme Court will decide if
‘income’ under the law can include an unrealized gains.— Stare Decisis (@MsResJudicata) July 10, 2023
Democrats have heavily criticized the conservative-majority Supreme Court for its recent list of decisions that have not gone their way.
There have also been renewed calls from the left to "pack" the high court with additional justices to level the playing field, although such a move is all but impossible given the Republican-controlled House.
As Biden's 2024 reelection campaign kicks off, the administration can't afford to take additional hits from the high court, but it looks very much like that's the case.
