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

Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate

The Supreme Court on Thursday denied a challenge to a federal tax on foreign investments — but left questions about whether a wealth tax is constitutional.

Supreme Court Rejects Challenge to Trump-Era Tax

by Katelynn Richardson   The Supreme Court rejected Thursday a challenge to a 2017 tax law passed by Congress. The case, Moore v. United States, considers whether the 16th Amendment permits taxing unrealized gains. Kathleen and Charles Moore sued for a refund in 2019 after they were hit with a $14,729 tax bill for their investment in an overseas company, though they never received any payment in earnings from the company. The bill followed Congr…

US Supreme Court upholds Trump-era tax on foreign assets; handing Biden potential win

A Washington state couple's argument was rejected by the Supreme Court on Thursday, preserving a Trump-era tax on foreign assets. The case could have compromised current tax laws and blown up Democratic talk of a wealth tax. A 7-2 majority voted to uphold the tax. Justice Clarence Thomas issued a dissent, while Justice Brett Kavanaugh wrote the majority opinion. Kavanaugh reiterated that the opinion was "narrow" and unrelated to the controversia…

Supreme Court rejects challenge that could preemptively ban a wealth tax

The Supreme Court on Thursday rejected a challenge to the constitutionality of a Trump-era tax on foreign income, in a case that held sweeping ramifications for the entirety of the U.S. tax code.The justices voted 7-2 to uphold the tax, although Justice Brett Kavanaugh in the majority opinion said the decision had no bearing on a potential wealth tax."Nothing in this opinion should be read to authorize any hypothetical congressional effort to ta…

Supreme Court upholds Biden-backed tax on foreign corporate investments | WND | by Around the Web

(WASHINGTON EXAMINER) – The Supreme Court on Thursday rejected a challenge to the constitutionality of taxation on foreign income in a case backed by business and anti-regulatory interests who said the provision was similar to a “wealth tax.” The 7-2 decision by Justice Brett Kavanaugh upheld the mandatory repatriation tax, siding with the Biden administration…

Supreme Court upholds Trump-era tax provision | Honolulu Star-Advertiser

WASHINGTON >> The Supreme Court today upheld a tax on foreign income that helped finance the tax cuts President Donald Trump imposed in 2017 in a case that many experts had cautioned could undercut the nation’s tax system.