The Supreme Court on Thursday refused to put new limits on Congress' power to tax wealth that is not paid out in annual dividends. In a setback for anti-tax conservatives, the justices upheld a provision of a 2017 tax law that imposed a one-time levy on the profits of foreign corporations whose shares were owned by Americans. In a 7-2 decision, the justices said Congress has the power to tax corporate shareholders based on the company's 'undistributed income.
' And, the only way to draw such a distinction is with a realization requirement.' Some conservatives fear that a future Congress led by progressive Democrats would impose taxes on accumulated wealth. They urged the court to hear the case of Moore vs. United States and to rule that Congress may not impose a tax on 'property or wealth.' At issue in the case was the meaning of the 16th Amendment, ratified in 1913.
Source: Law Daily Report (lawdailyreport.net)
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