Supreme Court signals it will uphold a tax on foreign income and leave a wealth tax for another day (Seattle PI)

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    Supreme Court signals it will uphold a tax on foreign income and leave a wealth tax for another day – By Mark Sherman (Associated Press) / Dec 5, 2023

    WASHINGTON (AP) — The Supreme Court on Tuesday seemed inclined to uphold a tax on foreign income while leaving questions about a broader, never-enacted tax on wealth for another day.

    On the first issue, conservative and liberal justices voiced concerns that ruling for a Washington state couple challenging a provision of the 2017 tax bill would threaten other provisions of the tax code.

    After two hours of arguments, there seemed to be a consensus on the court that “there is room for some narrow ground” to decide the case, as Justice Neil Gorsuch said. Such an outcome would avoid what Solicitor General Elizabeth Prelogar said would be “several trillion dollars in lost revenues.”

    At the same time, the court would not address the bigger question of Congress’ ability to enact taxes based on wealth, instead of income.

    CONTINUE > https://www.seattlepi.com/business/article/the-supreme-court-is-taking-up-a-case-that-could-18533757.php

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