Forbes on Nostr: Supreme Court Refuses To Upend The Tax Code In Ruling On Unrealized Gains ========== ...
Supreme Court Refuses To Upend The Tax Code In Ruling On Unrealized Gains
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The Supreme Court ruled 7-2 to uphold the 'mandatory repatriation tax' (MRT), a provision of the GOP's 2017 tax law that imposed a one-time tax on U.S. individuals and companies who have a significant stake in foreign corporations controlled by Americans. The Moores argued they shouldn't have been taxed on 'unrealized gains,' but the court ruled against them, stating that the MRT is in line with other tax provisions imposed by Congress. Striking down the MRT could have benefitted corporations and impacted Democrats' proposals for a wealth tax. The ruling did not address taxing unrealized gains under a wealth tax. The case has potential broader impact on U.S. tax policy. Justice Samuel Alito, who participated in the case, has faced criticism for potential ethics issues. The Moores' ties to the Indian company they invested in have also come under scrutiny.
#SupremeCourt #TaxCode #UnrealizedGains #Mrt #Gop #WealthTax #Congress #Corporations
https://www.forbes.com/sites/alisondurkee/2024/06/20/supreme-court-refuses-to-upend-the-tax-code-in-ruling-on-unrealized-gains/
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The Supreme Court ruled 7-2 to uphold the 'mandatory repatriation tax' (MRT), a provision of the GOP's 2017 tax law that imposed a one-time tax on U.S. individuals and companies who have a significant stake in foreign corporations controlled by Americans. The Moores argued they shouldn't have been taxed on 'unrealized gains,' but the court ruled against them, stating that the MRT is in line with other tax provisions imposed by Congress. Striking down the MRT could have benefitted corporations and impacted Democrats' proposals for a wealth tax. The ruling did not address taxing unrealized gains under a wealth tax. The case has potential broader impact on U.S. tax policy. Justice Samuel Alito, who participated in the case, has faced criticism for potential ethics issues. The Moores' ties to the Indian company they invested in have also come under scrutiny.
#SupremeCourt #TaxCode #UnrealizedGains #Mrt #Gop #WealthTax #Congress #Corporations
https://www.forbes.com/sites/alisondurkee/2024/06/20/supreme-court-refuses-to-upend-the-tax-code-in-ruling-on-unrealized-gains/