US supreme court upholds Trump-era tax rule on foreign income

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US supreme court upholds Trump-era tax rule on foreign income
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Court delivers rulings on lower-profile cases as decisions on abortion rights, social media and Trump’s prosecution for election meddling remain pending

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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