US Supreme Court upholds 2017 tax law on foreign subsidiaries of domestic corporations, generating $340bn.

The US Supreme Court has upheld a 2017 tax law imposing a one-time tax on foreign subsidiaries of domestic corporations, generating an expected $340 billion. The court rejected arguments that the law violated the 16th Amendment, which allows the federal government to impose an income tax on Americans. The 7-2 ruling leaves the question of broader concerns about a potential wealth tax unresolved.

June 20, 2024
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