{"id":2272389,"date":"2024-06-20T10:17:02","date_gmt":"2024-06-20T14:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-rejects-challenge-to-biden-wealth-tax-plan\/"},"modified":"2024-06-20T10:23:29","modified_gmt":"2024-06-20T14:23:29","slug":"supreme-court-rejects-challenge-to-biden-wealth-tax-plan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-rejects-challenge-to-biden-wealth-tax-plan\/","title":{"rendered":"Supreme Court dismisses challenge to Biden&#8217;s &#8216;wealth tax&#8217; proposal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsupreme-court-rejects-challenge-to-biden-wealth-tax-plan%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2272389&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Supreme Court on Friday dismissed a legal challenge against the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-will-hear-case-with-major-implications-for-liberal-wealth-tax-plans\/\" title=\"Supreme Court to review case impacting liberal 'wealth tax' proposals.\">mandatory repatriation tax<\/a> included in the 2017 corporate tax\u200c reform. This tax was contested\u200c for its constitutionality\u2064 by critics.\u200d This Supreme Court ruling reaffirms the government&#8217;s authority to impose\u2062 a mandatory repatriation tax, ending legal disputes surrounding\u200c this component\u2063 of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-justice-dept-asks-supreme-court-to-save-obamacare\/\" title=\"Biden Justice Dept. Asks Supreme Court to Save Obamacare\">2017 tax reform<\/a>. The tax, which aimed at encouraging corporations to repatriate money held overseas by \u2064taxing those earnings at a one-time reduced rate,\u200d has since been \u200da\u2062 contentious issue, with critics arguing that it oversteps \u2063constitutional bounds.<\/p>\n<p>Supporters of the tax, however, argue that it is necessary for leveling the playing field and\u2064 bringing corporate profits back to the U.S. marketplace, reflecting broader efforts by the government\u2062 to \u2064reform corporate taxation practices and curb tax avoidance strategies.<\/p>\n<p>The dismissal of \u2063the challenge by the highest court in\u200d the land officially \u200dputs an end to the constitutional debate,\u2064 allowing the government to fully implement and enforce\u200b the tax as part of its broader economic and fiscal strategy. This decision is likely to impact future policy making \u2062and \u2064how businesses manage their\u2062 overseas earnings.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_79\">\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/supreme-court\" target=\"_blank\" rel=\"noopener\" title=\"Supreme Court\">Supreme Court<\/a> on Friday rejected a challenge to the constitutionality of the mandatory repatriation tax, a provision of the 2017 corporate tax reform law that critics have dubbed the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/Biden-administration\" target=\"_blank\" rel=\"noopener\" title>Biden administration<\/a>\u2018s \u201cwealth tax.\u201d<\/p>\n<p>The 7-2 <a href=\"https:\/\/www.supremecourt.gov\/opinions\/23pdf\/22-800_jg6o.pdf\" target=\"_blank\" rel=\"noopener\" title>decision<\/a> by Justice Brett Kavanaugh upheld the tax, which imposes a one-time levy on undistributed profits from U.S. shares of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-exploits-lobbying-loophole-to-dodge-disclosure\/\" title=\"China Exploits Lobbying Loophole to Dodge Disclosure\">foreign corporations<\/a> majority-owned by Americans. <\/p>\n<p>\u201cThe question is whether that 2017 tax (known as the Mandatory Repatriation Tax or MRT) is constitutional under Article I, \u00a7\u00a78 and 9 and the Sixteenth Amendment. This Court\u2019s longstanding precedents establish that the answer is yes,\u201d Kavanaugh wrote.<\/p>\n<p>The decision stems from a case known as <em>Moore v. United States <\/em>brought by Charles and Kathleen Moore, a Washington state couple who argued that the $15,000 increase in their tax bill, due to the tax, was unconstitutional because it taxed unrealized income.<\/p>\n<p>The Court\u2019s majority sided with the Biden administration, which primarily argued that the Sixteenth Amendment permits Congress to tax income that foreign corporations actually received, even if it was attributed to U.S. shareholders.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\" target=\"_blank\" rel=\"noopener\" title=\"CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>This decision supports the government\u2019s position that the mandatory repatriation tax is a legitimate means of preventing U.S. shareholders from avoiding taxes by stashing profits in foreign corporations.<\/p>\n<p>During oral arguments in the case, U.S. Solicitor General Elizabeth Prelogar contended that maintaining the corporate tax reform law would avert disruptions to the tax code and avoid what the government warned could be \u201cseveral trillion dollars\u201d in lost revenue.<\/p>\n<p><em>This is a developing story and will be updated.<\/em><\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court, with a 7-2 vote led by Justice Brett Kavanaugh, upheld the mandatory repatriation tax from the 2017 corporate tax reform, dismissing its challenge. Critics label this one-time levy on undistributed U.S. share profits as the Biden administration&#8217;s &#8220;wealth tax.<\/p>\n","protected":false},"author":2633,"featured_media":2272390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP24165635427374.jpg.optimal.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2272389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP24165635427374.jpg.optimal.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2272389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2633"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2272389"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2272389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2272390"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2272389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2272389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2272389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}