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Supreme Court won't upend tax on Americans' foreign earnings

Posted on AllSides June 21st, 2024
From The Center

WASHINGTON — The U.S. Supreme Court preserved a tax on Americans who have invested in certain foreign corporations as constitutionally sound, ruling on Thursday against a challenge to it at a time when some Democratic lawmakers are seeking to impose a wealth tax on the super rich. The justices, in a 7-2 ruling, upheld a lower court's decision against Charles and Kathleen Moore — a retired couple from Redmond, Washington — who challenged the tax imposed on foreign company earnings, even though those profits have not been distributed to shareholders....

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