The Supreme Court ruled Thursday that a tax on foreign investments that was nestled into former President Donald Trump’s 2017 tax cut law can remain in place, turning aside a challenge backed by business groups.
In a 7-2 decision, the high court opined that Congress was within its authority to enact a one-time levy on investors’ shares of profits that have not been passed along to them, which some critics had speculated could lay the groundwork for a future wealth tax.
Writing for the majority, Justice Brett Kavanaugh found that the anti-tax argument, brought by a Washington state couple, “taken to its logical conclusion, could render vast swaths of the Internal Revenue Code unconstitutional.”
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