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[justinspoliticalcorner]

Lauren Aratani at The Guardian:

The US supreme court on Thursday ruled against a Washington couple who argued they were unconstitutionally taxed $15,000 for their investment in a foreign company – in a case some have argued was a backdoor attempt to ban future wealth taxes. The case, Moore v US, put into question what assets are considered taxable income. Some experts say the case was used as a vehicle to give the supreme court an opportunity to weigh in on a hypothetical billionaire’s tax, which would raise similar questions on what assets can be taxed. As the court was hearing the case in December, experts were worried that it put into question the long-established tax code, threatening to wreak havoc on what Americans may be taxed for. The vote was 7-2 with Justice Clarence Thomas and Justice Neil Gorsuch dissenting. In his opinion, Justice Brett Kavanaugh described the ruling as “narrow”, leaving an opening for future challenges.

Senator Elizabeth Warren hailed the ruling. “Right-wing billionaires hoped an obscure legal case would blow up the tax code to avoid paying what they owe, but this effort failed at the supreme court. The fight goes on to tax the rich, pass a wealth tax on ultra-millionaires and billionaires, and make the system more fair,” she wrote on X. The case focused on Charles and Kathleen Moore, a couple from Washington state who owned a small stake in an India-based company that sells affordable farm equipment in India. Charles Moore met one of the future founders of the company, KisanKraft, when he was a software engineer at Microsoft. The Moores invested $40,000 into the company, which gave them an 11% stake. In 2017, as part of a way to fund Donald Trump’s tax giveaway to US corporations, Americans who owned at least 10% of a foreign company were charged a one-time Mandatory Repatriation Tax (MRT) on their holding, regardless of whether the investment remained in the company, whereas such investments were previously exempt. Total tax revenue raised by the MRT is estimated to be $340bn.

SCOTUS issued a 7-2 (or 5-2-2) ruling in Moore v. United States dealing with the Mandatory Repatriation Tax in which Justice Brett Kavanaugh issued the ruling that rejected bans on wealth taxes.

See Also:

HuffPost: Supreme Court Turns Back Stealth Attack On Wealth Tax — For Now

[xlntwtch2]

from this AP News article (10/15/23)

"...The Moores are the latest example of plaintiffs whose lawsuits seem to simply be exercising their legal rights, but whose cases are backed by others with enormous amounts of money or a consequential social issue at stake. The Moores sought help from the anti-regulatory Competitive Enterprise Institute....

"...“The story the Moores told about Charles’ involvement with KisanKraft is directly at odds with the fiduciary responsibilities of an individual holding a board seat for an Indian company,” Mindy Herzfeld, director of the masters program in international tax at the University of Florida law school, wrote in Tax Notes.

And there are other indications of Moore’s more extensive involvement with KisanKraft than his testimony indicated. The company paid for his travel to India four times and he made at least two investments beyond the $40,000 stake he put up in 2006.

Moore also was prepared to invest an another roughly $250,000. That money was ultimately returned by KisanKraft, along with 12% interest....

"The omissions, along with the Moores’ failure to take advantage of other legal options that would have deferred, if not eliminated, their tax liability make Avi-Yonah and other experts in international tax law suspect the case was manufactured to get at a larger issue, the tax on billionaires that has been proposed by some prominent Democrats but never enacted.

A wealth tax would apply not to the incomes of the very richest Americans, but their assets, like stock holdings, that now only get taxed when they are sold.

“There really was no reason for the court to take it on, other than to send a signal to warn off the Congress from passing a billionaire tax,” said Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center."

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Garden Hose Distributor supplier in India

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India's agricultural sector, landscaping businesses, and gardening enthusiasts have created a substantial demand for high-quality garden hoses. As a result, the market for garden hose distributor suppliers in India has grown significantly. These suppliers play a crucial role in ensuring the availability of a variety of garden hoses tailored to different needs, from small urban gardens to large agricultural fields.

This article explores the landscape of garden hose distribution in India, highlighting key players, product varieties, quality standards, and the factors influencing this dynamic market. The increasing awareness about the importance of gardening and landscaping has led to a surge in the demand for garden hoses in India. Urbanization has spurred the growth of residential gardens and green spaces, while the agricultural sector continues to rely heavily on efficient irrigation systems.

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Eagle Plant Garden Tools: Known for their extensive range of garden hoses, Eagle Plant Garden Tools has established a strong presence in the market. Their products are recognized for durability, flexibility, and resistance to weather conditions.

KisanKraft: A major player in the agricultural tools and equipment sector, KisanKraft supplies high-quality garden hoses designed for both domestic and agricultural use. Their products are popular for their longevity and efficiency.

AJ Enterprises: This company specializes in manufacturing and distributing a variety of garden hoses, including PVC, rubber, and expandable hoses. AJ Enterprises is noted for its innovative products and customer-centric approach. A Garden Hoses Distributor & Suppliers in India typically refers to a business or company involved in the wholesale distribution and supply of garden hoses to retailers, hardware stores, garden centers, and other businesses or individuals. These hoses are crucial for various outdoor activities, such as watering plants, gardening, washing cars, and general outdoor cleaning. MANX IMPEX sources its products from reputable manufacturers, ensuring durability, flexibility, and resistance to common wear and tear. The hoses are designed to withstand varying weather conditions, making them ideal for year-round outdoor use. Conclusion; The garden hose distributor market in India is thriving, driven by the increasing demand for efficient irrigation solutions in both agricultural and urban settings. Key players in the industry are focusing on quality, durability, and innovation to meet the diverse needs of their customers. As awareness about sustainable gardening and efficient water usage grows, the market is poised for further expansion, offering significant opportunities for distributors and suppliers.

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