06/20/2024

In Win for Biden, SCOTUS Justices Uphold Tax on Overseas Investments

A 7-2 majority upheld the tax

On Thursday, the justices of the Supreme Court of the United States (SCOTUS) upheld a Trump-era tax on overseas investments, rejecting an argument from a Washington state couple in a case that could have jeopardized existing tax provisions and torpedoed Democratic talk of a future wealth tax.

A 7-2 majority upheld the tax. Justice Brett Kavanaugh wrote the majority opinion and Justice Clarence Thomas wrote a dissent.

At issue in the closely watched tax case was whether the government could levy a tax on investment proceeds that had not yet been received. Charles and Kathleen Moore, a Washington state couple, challenged a $15,000 tax bill they received because of their investment in an India-based company. The profit at issue, the Moores claimed, were reinvested and never distributed to them.

Please select this link to read the complete article from CNN.