Charles and Kathleen Moore are about to have their day in the Supreme Court over a $15,000 tax bill they contend is unconstitutional.
The couple from Redmond, Washington, claim they had to pay the money because of their investment in an Indian company from which, as Charles Moore, 62, said in a sworn statement, they “have never received a distribution, dividend, or other payment.”
But significant parts of the story they have told to reach this point seem at odds with public records.
The Moores are the public face of a high court case backed by business and conservative political interests that could call into question other parts of the U.S. tax code and rule out a much-discussed but never-enacted tax on wealth. The case is set for arguments on Dec. 5.
I feel like this is a big component of inflation that no one talks about. The stocks they use as collateral aren’t worth what they claim, since any attempt to sell all of those stocks would immediately drastically decrease their value. The loans then act as a sort of money press, for value that doesn’t really exist. That then drives up prices.
The stock prices are often artificially inflated through buybacks as well. It’s a brilliant system and I can’t possibly see how it will end poorly for everyone but those responsible for it. /S