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.
The one-time"mandatory repatriation tax" was part of a Republican-backed tax law signed former President Donald Trump in 2017. It applies to owners of at least 10% of a foreign company controlled by Americans. The Moores were seeking a refund of nearly $14,729 in taxes that the law required them to pay as minority shareholders in a company in Bangalore, India, called KisanKraft that supplies equipment to farmers.
Such a ruling also could thwart legislative proposals favored by some Democrats, including Senator Elizabeth Warren, for a tax on the net worth - meaning all assets and not just income - of super-rich Americans. The senators argued that Rivkin's access to Alito and his efforts to help him"air his personal grievances" cast doubt on the justice's ability to fairly judge the case.Scan QR code to install app