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Published 1 month ago

Supreme Court upholds a tax on foreign income over a business-backed challenge

  • The Supreme Court upheld a tax on foreign income, declining to address a broader, never-enacted tax on wealth, despite business interests' support for a challenge.
  • A provision in a 2017 tax law, supported by the Supreme Court in a 7-2 vote, is set to generate $340 billion from foreign subsidiaries of domestic corporations sheltering money abroad to avoid U.S. Taxes.
  • Justice Brett Kavanaugh emphasized that the ruling does not permit Congress to tax both an entity and its shareholders on the same undistributed income.
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