The supreme court weighed in today on a case regarding a provision of Donald Trump’s 2017 tax code overhaul dealing with foreign investments.
But, as the Guardian’s Lauren Aratani reports, the case was part of a larger battle over proposals to tax billionaires, and the court’s decisions signaled that future skirmishes are to come: The US supreme court on Thursday ruled against a Washington couple who argued they were unconstitutionally taxed $15,000 for their investment in a foreign company – in a case some have argued was a backdoor attempt to ban future wealth taxes.
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