Reported 8 months ago
The U.S. Supreme Court has ruled in favor of upholding a tax on foreign income, rejecting a challenge supported by business and anti-regulatory interests. By a 7-2 vote, the Court maintained a provision of a 2017 tax law that is expected to generate $340 billion from the foreign subsidiaries of U.S. corporations. The law targets companies owned by Americans conducting business overseas and imposes a one-time tax on investors' profits not distributed to them. The ruling has significant implications, clarifying that the provision does not support a broader wealth tax on assets of the wealthiest Americans.
Source: YAHOO