The "wealth tax" and its expensive implications across America were debated in the highest court in the land Tuesday, with hours of oral arguments.

The case before the justices Tuesday could have sweeping implications for the U.S. tax system and derail proposals from some Democrats to create a wealth tax.

The Supreme Court is considering a case involving a couple’s $14,729 tax bill, which questions whether the federal government can tax “unrealized” gains from investments. The Moores were required to pay taxes on their share of a foreign company’s earnings under the mandatory repatriation tax,