The Supreme Court isn't finished causing problems for the Biden administration.
After dealing the administration a major blow by deeming President Joe Biden's $430 billion student debt transfer illegal, the court could soon upset his plans to tax the rich.The court will hear cases this fall pertaining to gun rights, federal agency power, and whether"Trump too small" can be trademarked, but the most consequential case for Biden may be Moore v. United States.
While the proposal faces long odds with a Republican-controlled House of Representatives, it could be nixed permanently if the high court rules such a tax is unconstitutional. Under the 2017 tax reform law, they learned that they were subjected to a mandatory repatriation tax of $14,729. They paid that amount and then filed suit seeing a refund and claiming that the tax violates the constitution's apportionment clause.
An appeals court ruled that the Moores could be taxed this way, saying"there is no constitutional prohibition against Congress attributing a corporation's income pro-rata to its shareholder." But the Supreme Court could reverse that ruling, rendering the repatriation tax and future wealth-based taxes off-limits at the federal level.
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