The Supreme Court upholds a tax on foreign income over a challenge backed by business interests

Visitors pose for photographs outside the U.S. Supreme Court Tuesday, June 18, 2024, in Washington. that is expected to generate $340 billion, mainly from the foreign subsidiaries of domestic corporations that parked money abroad to shield it from U.S. taxes.

Underscoring the limited nature of the court’s ruling, Kavanaugh said as he read a summary of his opinion in the courtroom, “the precise and very narrow question” of the 2017 law “is the only question we answer.” A ruling for the Moores could have called into question other provisions of the tax code and threatened losses to the U.S. Treasury of several trillion dollars, Kavanaugh noted, echoing the argument made by the Biden administration.The case also had kicked up ethical concerns and raised questions about the story the Moores’ lawyers told in court filings.

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