🧵 1. Supreme Court upholds tax on foreign corporate investments, rejects challenge. Decision not deemed applicable to potential wealth tax on super-rich. #finance
🧵 1. Supreme Court upholds tax on foreign corporate investments, rejects challenge. Decision not deemed applicable to potential wealth tax on super-rich. #finance
🧵 2. Justice Brett Kavanaugh emphasizes narrow scope of ruling, stating it does not pertain to possible wealth tax involving assets.
🧵 3. Case involved tax law enacted by Republican Congress under Trump administration, addressing taxation on incomes from foreign-owned companies.
🧵 4. Individuals involved in case sought refund after paying additional taxes due to law change, arguing against tax on capital investment value rise.
🧵 5. Background of case includes concerns over Justice Alito's ties to lawyer challenging tax, raising ethics issues about recusal and court's power.
🧵 Read more at: https://www.cnbc.com/2024/06/20/supreme-court-rejects-challenge-to-tax-on-foreign-corporate-investments.html