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What say you?

I gather the case revolves around unrealized gains, the paper profits on assets like stocks and bonds that the owner hasn’t yet sold.

That’s the real issue. The Moores are being taxed on earnings that had not [yet] been distributed to them by a foreign corporation, and they argue that to tax those unreceived earnings is unconstitutional. But that principle—of whether cash needs to be received to be taxed—is at the heart of Biden’s [proposed] billionaire minimum income tax, [Sen. Ron] Wyden’s minimum tax, and to some degree [Sen. Elizabeth] Warren’s wealth taxes.

Should the US Government have the right to tax unrealized capital gains?

While this was intended as a pre-emptive strike against a potential "wealth tax", a tax highly unlikely to actually pass, it requires an interpretation of the 16th amendment significantly different than what's been accepted since it was ratified.

I'm not a fan of income that isn't realized being taxed (it affects everyone with even the smallest of investments not just the wealthy), but I also don't see any reasonable way this can be ruled unconstitutional.