Will the Supreme Court Pave the Way to a Wealth Tax?

A case involving an obscure tax provision ultimately considers the constitutionality of an Elizabeth Warren-style tax on unrealized capital gains.

Does Congress have the power to tax citizens on their ownership of corporate shares that appreciate without being sold? 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 states (which is the const…