A Donald Trump and Congress Law….
The court actually ruled to uphold the American Tax Code drawn up by the House and pasted by the US Senate…
The Supreme Court on Thursday rejected a conservative-backed bid to preemptively block Congress from ever adopting a wealth tax.
The justices voted 7-2 to turn aside a complaint from a Washington state couple that a special tax Republicans created in 2017 on businesses’ overseas profits amounted to a federal property tax, something that’s restricted by the Constitution.
Charles and Kathleen Moore had hoped their challenge would in turn slam the legal door on any possibility of lawmakers creating a wealth tax, a levy on assets that has become increasingly popular in recent years among progressives.
But the court rejected the premise of the Moores’ lawsuit, ruling the so-called repatriation tax imposed by the Tax Cuts and Jobs Act is a levy on income, not property.
And it said it looks a lot like ones Congress has approved before.
“This Court has long upheld taxes of that kind, and we do the same today,” said Justice Brett Kavanaugh, writing for the majority.
The court doesn’t take many tax cases, and this one was closely watched by the tax world — not just because of its implications for a wealth tax, or for the overseas profit levy created as part of the Tax Cuts and Jobs Act, but also because what it would mean for the rest of the tax code….