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To: catfish1957
They'll make it retroactive by a year or two to snare people like you and me who try to outfox them. They've passed retroactive taxes before, so don't think they won't do it again. They aren't about to allow us suckers to keep what we earned over a lifetime. They would be perfectly happy to have you and me selling apples and pencils on the street corner in retirement. After all, it's the socially just thing to do to the winners of life's lottery.

The U.S. Supreme Court has upheld the constitutionality of federal and state retroactive tax legislation on several occasions throughout the years. In its most recent decision concerning retroactive taxation, the Court upheld the retroactive application of an amendment limiting a federal estate tax deduction on the grounds that it was not harsh or arbitrary and did not have an unduly long period of retroactivity (U.S. v. Carlton, 512 U.S. 26 (1994)). In 1938, the Court upheld a Wisconsin law that retroactively disallowed an income tax deduction for certain dividend payments, rejecting arguments that the retroactivity violated the appellant's equal protection and due process rights (Welch v. Henry, 305 U.S. 134 (1938)).

13 posted on 02/15/2014 7:50:52 PM PST by ProtectOurFreedom
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To: ProtectOurFreedom

You are absolutely right. The only exception or out will be whether the retroactive snare would be construed to be double taxation (redundant) to the IRA penalty clause already in IRS rules. If this was tried it would invoke the mother of all class action suits.


18 posted on 02/15/2014 8:00:20 PM PST by catfish1957 (Face it!!!! The government in DC is full of treasonous bastards)
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