This Couple Is Fighting $15,000 in Taxes. Their Case Could Cost Washington Trillions

Tax attorney Joshua Odintz was quoted in a USA Today article about a case before the U.S. Supreme Court in which a retired couple is disputing a $14,729 tax claim on their investment in an Indian farm equipment company, KisanKraft. The case challenges the definition of income for tax purposes, and a narrow ruling in favor of the retired couple could cost the government billions. The legal dispute has implications for federal taxes and could impact proposals to tax unrealized gains on assets, such as President Joe Biden's "billionaire's tax." Mr. Odintz, who filed an amicus brief supporting the government's position, added that a broader decision could invalidate significant parts of the Internal Revenue Code and potentially cost the government more than $5 trillion. He also commented on the potential consequences of the court's decision.

“A broad holding would be very destabilizing and many taxpayers could file refund claims for taxes previously paid," he said.

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