An under-the-radar Supreme Court case could upend the tax code and derail wealth taxation

Some investors have argued that income needs to be realized before it can be taxed. Two lower courts disagreed. Now SCOTUS will weigh in.

With consequential Supreme Court rulings on topics like abortion and voting rights in recent years, Americans may be forgiven if their interest isn’t exactly piqued by a legal battle concerning the tax code. But a case currently in front of the high court, although it has largely flown under the radar, has huge implications: It could rewrite parts of the tax code, and nix any hopes for the introduction of a “wealth tax” in the future.

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