The following is a partial auto-generated transcript of the Mike Adams broadcast (Brighteon Broadcast News) for Dec 12, 2023. The full episode is available in audio format at this link on Brighteon.com.
Let’s move on to the financial news today, because there is a massive US Supreme Court case looming here that’s called Moore versus the United States. If the Supreme Court sides with the federal government on this, it would allow the federal government to essentially confiscate virtually all assets of the American people, including your stocks, your home, your land, your gold, everything, almost everything. So this case is challenging the constitutionality of a tax law which was part of a law enacted in 2017, under Trump. This law required a one time repatriation on unrealized profits that are held overseas. So if you were an investor in an overseas company, and then that company never paid you profits, but if it reinvested its own dividends, and you maintain your ownership of that company, you were supposed to pay taxes on these unrealized gains, even though you never got paid.
So this couple Charles and Kathy Moore, they sue the government after they were billed $14,700 or so as a tax obligation. It’s gone to the Supreme Court, the oral arguments have already taken place. That was about a week ago. And the Supreme Court is set to rule on this… many people believe by June 2024.
Now, importantly, if the Supreme Court rules that the federal government can tax unrealized gains, that is paper profits, on investments that American citizens hold, then that would be absolutely catastrophic for the American people for their savings, for their assets, for their retirement funds, everything. And here’s a quote from Peter Schiff. He tweeted this out, and I think it encapsulates the potential crisis facing us all if the supreme court rules in favor of the federal government, he says:
If the supreme court rules in favor of the government and allows it to redefine the income to include any unrealized appreciation in any asset, that it will grant the federal government a new power to nationalize the entire asset stock of the nation. In hyperinflation, the only refuge people have is the ability to hold real assets and never sell them. But if the federal government can claim unrealized inflationary gains as being taxable income, then almost all Americans will be forced to sell their assets just to pay their tax liabilities.
You understand what he’s saying here. Essentially, if you’re holding house or land, or gold or stocks, and the paper value goes up, the government would force you to pay the gains on the paper value in dollars, even though you haven’t sold those assets, and you have no cash flow to even pay the gains. So in order to pay the gains, you’d probably have to sell at least part of the assets, and then pay that money to the government.
But of course, it’s a giant scam, because the government prints money causing inflation, or devaluation of the dollar, but inflation in terms of the prices of assets, and the IRS would consider that inflation to be a gain, even though it’s not a real gain. Your gold for example, may have gone up in terms of dollars per ounce, but the gold itself may not purchase anything more than what it purchased five years earlier. You have no gain in purchasing power. It’s just risen in dollar denominations because the dollars are losing value, resulting in inflationary pricing of all other assets. Well, the IRS would expect you to pay them their cut for paper gains.
Anyway, Peter Schiff continues:
…but with all assets up for sale at once, the most likely buyer will be the federal government itself, which will pay in near worthless paper. In one decision, the Supreme Court would have rendered the Constitution meaningless, effectively eliminated private property rights, and provided the federal government with the legal mechanism to pull off a communist revolution without having to fire a single shot.
This is how you will own nothing and be enslaved by the regime
Think about that, folks. If the IRS can tax your unrealized gains, your paper gains on assets you hold, then they can force you to sell them. And they can take over essentially all the assets that the American people hold merely by the federal government printing trillions of dollars, causing all those asset prices to go up in dollars, creating taxable events.
So they’re ripping you off twice, they’re ripping you off by looting your dollars by printing dollars, effectively stealing the purchasing power of the dollars you hold. And then they will be looting you a second time by forcing you to sell your other assets because they’re going up in dollars. Imagine that. Like okay, we steal from you. We loot your bank account, we take a percentage of all your money every month, because the dollar is losing purchasing power every month. And then also, every year, you got to pay us another 30% 40% of the gain and you’re like what gain? It didn’t even gain any value. Oh, well, it gained in dollars.
That kind of makes you want to hold onto more gold and silver and privacy crypto, doesn’t it? Right? Remember, the government can really only effectively confiscate things that are held in electronic records. Typically, the IRS orders your bank to just hand over your bank account. Or they garnish your wages or they seize your IRA or whatever. But they can’t do that with things that are not recorded electronically in some centralized database somewhere. They can’t seize your Monero privacy crypto, for example, because they can’t break encryption. They can’t seize your gold and silver unless you have it stored somewhere that they know about. In which case they can but otherwise, if you just have it in your own custody, or maybe you’ve already lost it, and you don’t even have it anymore, who knows. But they can’t seize something that they can’t get digitally.
Liberals want governments to force everyone into extreme poverty in the name of “equality”
Now, the liberals are freaking out over the possibility that the Supreme Court might rule against the federal government. That is a possibility. And the reason liberals are freaking out is because they want to impose wealth taxes on everybody and everything in order to fund their continued expansion of government welfare programs and government spending and war spending and everything else. Remember, Democrats are the pro war party now. So they need more money to fund the wars. And if the government can’t confiscate more money from you, then they cry and sob about rising deficits. And they claim that’s irresponsible. To have rising deficits. It’s irresponsible to let people keep more of their own money.
The responsible action, they argue, is to confiscate more money from more people, of course. But of course, they claim they’re only targeting the wealthy. But as inflation gets worse and worse, everybody who works will be considered wealthy, because you’ll be moving into higher and higher tax brackets just because of inflation and the devaluation of the dollar. So if you’re not on welfare, you’ll be considered wealthy and they’ll want to confiscate more of your money. And there’s nothing you can do about it if the Supreme Court rules on this. This is why it’s crucial to maintain self custody… assets that are in your hands and that are under your control are assets that can’t be seized. Or even if it’s not self custody. If you vault gold or silver, for example, with a third party vaulting company that is not tied into the federal regulatory banking system controls, then that’s much safer than just having your money sitting in a bank, because every bank deposit can simply be confiscated by the federal government at any time.
SCOTUS decision could collapse the housing market
Can you imagine what this decision would do to the housing market nationwide, it would crush it, or what it would do to the stock market. It would collapse. People would sell and pull out just to pay the taxes on their paper gains. And it really gets to the whole idea of what is income. If you haven’t sold something, then you haven’t realized any income.
Now think about what this would do to farmers. You plant seeds in the field, and they have a certain value on day one. But then 120 days later, you might have a full field of corn, let’s say that corn has value even though you haven’t harvested the corn that has value, you’re going to have to pay the IRS taxes on the corn that you haven’t even harvested or sold yet because the corn has gained value on paper, see?
Or imagine if you’re a homebuilder. You build homes for profit, you invest a bunch of money, you hire a bunch of contractors, occasionally they show up and do what they say they’re going to do. Mostly they don’t. But eventually, you get the house built. And you haven’t sold it yet. But you’ve already dumped all this cash into the system. You’re barely scraping by because of the cashflow demands of your business as a home builder, right? Well, what if the IRS comes along and says hey, that’s a nice home you got there that’s worth a lot of money. Thanks for building it. You got to pay us all the gain on that house even before you sell it. If you’re a homebuilder, you’re already at perhaps minus $500,000 cash flow, just for building the thing. And now the IRS wants you to come up with another, you know, $200k or something to pay them. How are you going to do that? Well, you can’t. It’s impossible. You’ll go bankrupt. The entire US economy will collapse if the supreme court rules in favor of this.
But understand this is exactly what What Democrats want? They want the ability to tax every American into poverty. Only then can they achieve equality. Remember, equality doesn’t mean equally rich. It means equally poor. And that’s how they want to achieve it. Just take everybody’s money until we’re all the same. We’re all homeless, on the streets, starving to death, eating out of trash cans, and soup kitchens. Oh, finally, equality has been achieved, justice has been served. And just to top it off with more insanity, what will they do with all those homes that are confiscated from all the American people who can no longer afford to pay the taxes on those homes? Oh, don’t worry, the government will buy them and then they’ll give them to the illegals. The new occupiers of America, the replacement crew, they’re coming in to take your country, and they’re gonna take your home, take your property, and you will own nothing. That’s the plan. And now you see the mechanism by which this can happen.
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