WASHINGTON - The U.S. Supreme Court on Thursday ruled against a challenge to a tax on Americans who have invested in certain foreign corporations, issuing the decision at a time when some Democratic lawmakers are seeking to impose a wealth tax on the super rich.
At issue in the case was whether this tax on unrealized gains is allowed under the U.S. Constitution's 16th Amendment, which enabled Congress to "collect taxes on incomes." During oral arguments in December, some of the justices probed the limits of congressional taxation power over wealth, while others expressed concern that a ruling favoring the Moores could imperil a wider array of tax code provisions including those related to other business entities such as partnerships, limited liability companies and S-corporations.The Justice Department had said that a ruling by the Supreme Court invalidating the mandatory repatriation tax could cost the U.S.
Democratic senators had urged Alito's recusal because David Rivkin Jr., one of the lawyers for the Moores, co-authored Wall Street Journal articles in which Alito both defended the court and argued that Congress lacks power to regulate the Supreme Court. Senate Democrats have pursued ethics legislation that would apply to the court.
Satellite images show Russia is putting ships in the path of Ukraine's naval drones to protect Putin's prize, but it's likely not enoughMoscow’s military launched a surprise offensive targeting the North East of Ukraine earlier this year, destroying a key town and gaining a foothold not far from the second largest city, Kharkiv. But CNN’s Fred Pleitgen reports, the Ukrainians now say they are back on the offensive.
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