Eh, this is debated. (Moore.) It could be written as an excise tax, too, push come to shove.
Capital gains are permissible because of the 16th amendment; the 16A does not permit the congress to tax assets. It seems like quite a stretch to apply Moore to cash holdings.
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Capital gains are permissible because of the 16th amendment; the 16A does not permit the congress to tax assets. It seems like quite a stretch to apply Moore to cash holdings.