This article is behind a paywall, sorry. But it sent a chill up my spine. Comes down to the definition of what is derived and what is received as income.
https://www.wsj.com/us-news/law/one...-the-tax-code-680a9ba6?mod=politics_lead_pos4
"Tax lawyers and the government say a sweeping ruling could also upend many longstanding rules affecting partnerships, multinational companies and bond investors. Former House Speaker Paul Ryan, a Wisconsin Republican who helped write the 2017 tax law, warned in September that the case could damage a third of the tax code."
"What is ‘income’?"
"After the Civil War, Congress sought to impose an individual income tax, but the Supreme Court ruled in 1895 that such a move was an unconstitutional direct tax. A response was the 16th Amendment, which says “income, from whatever source derived,” can be taxed without apportionment. That led to the modern federal income tax."
https://www.wsj.com/us-news/law/one...-the-tax-code-680a9ba6?mod=politics_lead_pos4
"Tax lawyers and the government say a sweeping ruling could also upend many longstanding rules affecting partnerships, multinational companies and bond investors. Former House Speaker Paul Ryan, a Wisconsin Republican who helped write the 2017 tax law, warned in September that the case could damage a third of the tax code."
"What is ‘income’?"
"After the Civil War, Congress sought to impose an individual income tax, but the Supreme Court ruled in 1895 that such a move was an unconstitutional direct tax. A response was the 16th Amendment, which says “income, from whatever source derived,” can be taxed without apportionment. That led to the modern federal income tax."