The U.S. Supreme Court on Thursday upheld a Trump-era tax on U.S. shareholders of some American-controlled foreign corporations, preserving a major source of government revenue while sidestepping the more controversial question of the constitutionality of the taxation of wealth. "This Court has long upheld taxes of that kind, and we do the same today with the MRT." "We do not decide that question today," Kavanaugh wrote. In dissent, Justices Clarence Thomas and Neil Gorsuch argued that the MRT is not constitutional because it does not tax income "realized" by the taxpayer. Supreme Court upholds Trump-era tax on foreign earnings originally appeared on abcnews.go.com

Source: ABC News June 20, 2024 15:55 UTC