Leila Carney Speaks to Law360 on Moore Supreme Court Decision

The U.S. Supreme Court narrowed but did not entirely block the path to billionaire income tax legislation when the majority's opinion declined to weigh constitutional questions about taxing unrealized gains in its decision to uphold a mandatory repatriation levy.

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That the court explicitly addressed a wealth tax is unusual, as it wasn't necessary to the opinion to say that the decision doesn't convey approval of any wealth tax, according to Leila Carney, a Member of Caplin & Drysdale.

"People have said that this case was brought to inoculate against a wealth tax, and I think just granting cert. may have done that work," Carney said. "And so in that sense, with this narrow holding, they were able to tackle a political issue without crossing a line."

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