9th Circuit ruling against Washington state couple could mean more federal wealth taxes

The Center Square cites CEI General Counsel Sam Kazman on tax legislation:

The case is the result of the Moores facing an unexpected tax bill on a 13% stake in KisanKraft Ltd., an Indian company that provides small-scale farmers in India with affordable equipment. This was unexpected because the tax bill – $15,000 – was on earnings never received by the couple, which were retained and reinvested by the company.

“They’ve never gotten a payment from that,” explained Competitive Enterprise Institute’s Sam Kazman, co-counsel for the Moores in this case.

He stressed this is not a defense from ignorance.

“No one in their right mind would expect this,” Kazman said of what he described as essentially a new tax. “They had no reason to expect it.”

Read the full article here.