The U.S. Supreme Court's decision in Moore v. United States has prompted concern from the National Federation of Independent Business (NFIB). The ruling, which upholds the Ninth Circuit’s decision to expand the definition of "income" to include unrealized appreciation of property, is expected to result in increased taxes on small businesses.
Beth Milito, Executive Director of NFIB’s Small Business Legal Center, expressed disappointment with the outcome. “Small businesses will financially feel the consequences of this Supreme Court’s decision,” Milito stated. “By going against precedent and allowing ‘income’ to include unrealized gains, the decision will have a devastating impact on Main Street. We are disappointed in today’s ruling.”
NFIB had filed an amicus brief in collaboration with the Buckeye Institute, arguing that the Court of Appeal’s decision was erroneous and disrupted established constitutional limits on federal taxation. Additionally, they contended that the Mandatory Repatriation Tax should be severable from the remainder of the Tax Cuts and Jobs Act.
The Small Business Legal Center continues its mission to protect small business owners' rights in courts nationwide. Currently, NFIB is involved in over 40 cases across federal and state courts, including those before the U.S. Supreme Court.
