Supreme Court Punts Issue of the Constitutionality of a Wealth Tax

What was supposed to be a major decision on economic policy ended up interesting only people with exotic foreign investments and their tax lawyers.

Does Congress have the power to tax citizens on their ownership of corporate shares that appreciate without being sold? In Moore v. United States, the Ninth Circuit said that the answer is yes, announcing that realization of income “is not a constitutional requirement” for Congress’s exercise of its power to tax “incomes” without apportionment among the…