A new report warns that huge tax gifts for corporations and 'a $340 billion hole in the federal budget' are among the potential consequences of a case SCOTUS is set to hear in December.
A broad ruling by the high court could also imperil key elements of the existing tax code, according to ITEP and the Roosevelt Institute.
The analysis stresses that the consequences of a broad ruling in the upcoming case would be profound, affecting more than just a handful of corporate tax provisions.
But the case could have impacts well beyond a repeal of the repatriation tax, which was projected to generate $340 billion in federal revenue over a decade. "The Roberts Court could decide with the stroke of a pen to simultaneously forgive big business decades of tax dues."
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