The Supreme Court yesterday pondered whether the penalties for not buying insurance under Obamacare are a “tax” for purposes of whether the lawsuits against it can proceed. The Supremes don’t seem to think so. Coverage:
Opponents of the law have to run the table to prevent the tax increases in the law from taking effect in 2014 – most noticeably a 3.8% tax on most investment income. They have to both have the mandate ruled unconstitutional and they have to get the court to decide that it isn’t “severable” from the rest of the legislation. Arguments resume today.
Tags: ACA, Althouse, Anthony Nitti, Ilya Somin, Obamacare, Tax Policy Blog, TaxProf
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[...] at the same rate with many deductions. This situation is especially true in high-tax states like Iowa; the state tax imposed on a big capital gain is non-deductible for [...]