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Supreme Court Rejects Billionaires’ Challenge to Tax on Overseas Investments

HeadlineJun 21, 2024

The U.S. Supreme Court upheld a Trump-era tax on overseas investments. The case stemmed from a challenge to the “mandatory repatriation tax” by a couple who sought to avoid paying a one-time $15,000 tax levy related to an investment in an India-based company. Senator Elizabeth Warren welcomed the decision, saying, “Right-wing billionaires hoped an obscure legal case would blow up the tax code to avoid paying what they owe, but this effort failed.” Analysts warn the ruling, however, does not resolve the constitutionality of wealth taxes, and billionaires could challenge future laws requiring them to pay their taxes.

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