The Supreme Court rejected a challenge to tax on foreign corporate investments, which threatens a broader initiative to enact a wealth tax on the super-rich, with Justice Brett Kavanaugh’s lead opinion using language that could make it extremely difficult for Congress to create a tax for billionaires in the future. Jordan Uhl and Brett Erlich break it down on The Damage Report.
Read more here: Supreme Court rejects challenge to tax on foreign corporate investments
“WASHINGTON — The Supreme Court on Thursday upheld a tax on foreign corporate investments in a case some worried could imperil any future attempts to enact a wealth tax on the super-rich.
The case had attracted scrutiny after conservative Justice Samuel Alito refused to recuse himself over his ties with one of the lawyers challenging the one-off tax imposed in 2017.
Alito was part of the 7-2 majority that rejected the challenge.