Supreme Court Upholds A Tax On Foreign Income Over A Challenge Backed By Business Interests – KXL

WASHINGTON (AP) — The Supreme Court has upheld a tax on foreign income over a challenge backed by business and anti-regulatory interests.

The court on Thursday declined their invitation to weigh in on a broader, never-enacted tax on wealth.

The justices left in place a provision of a 2017 tax law expected to generate $340 billion, mainly from foreign subsidiaries of domestic corporations that parked money abroad to shield it from U.S. taxes.

The law was passed by a Republican Congress and signed by then-President Donald Trump.

The case attracted outsize attention because it might have led to a decision dooming a wealth tax.