Supreme Court to Rule on Taxation of Wealth and Trump's Tax-Cut Law
The US Supreme Court will decide whether Congress can tax wealth by ruling on the constitutionality of wealth taxes. The case of Charles and Kathleen Moore, who were required to pay their share of earnings from a foreign company, has garnered attention on the right. The 9th Circuit Court upheld part of the 2017 tax bill passed by the Republican-controlled Congress, which imposed a one-time tax on Americans who owned shares in foreign corporations that gained in value. The high court will hear the case of Moore vs. United States in the fall.