The US Supreme Court is considering a case that could impact a tax provision expected to generate $340 billion in revenue. Justices appear inclined to uphold a 2017 tax on American-owned companies' foreign profits, while also signaling an unlikely preemptive strike on wealth tax proposals. The case revolves around the constitutional limits on federal taxing power and the definition of income for tax purposes.
Supreme Court Considers Constitutional Limits on Federal Taxing Power https://t.co/eFidHo258X
For the purposes of your tax return, what counts as income? As the Supreme Court considers the constitutional questions, @allisonschrager has some economic advice: Taxing wealth is a terrible idea https://t.co/OD2ue5Cm8N via @opinion
Supreme Court unlikely to launch preemptive strike on wealth tax proposals https://t.co/3vuFIzqIMa
US Supreme Court justices suggested they are inclined to uphold a 2017 tax on American-owned companies’ foreign profits https://t.co/Buknz8XY1I
A decision in favor of the couple could strike down a provision of a tax bill expected to bring in $340 billion, threaten other provisions and rule out a wealth tax favored by some Democrats who argue wealthy Americans don't pay a fair share of taxes https://t.co/3q3M4uMLU7