Supreme Court hears a case that experts say could wreak havoc on the tax code : NPR
The Supreme Court is hearing arguments in a tax case brought forward by Charles and Kathleen Moore, who are challenging a provision in the 2017 corporate tax cut signed into law by then-President Donald Trump. The Moores argue that they are being unconstitutionally taxed on unrealized income from their foreign investment in an Indian company, even though the investment has seen significant growth. The case is seen as a preemptive strike against potential future wealth taxes. If the Moore’s legal challenge is successful, the federal government might have to reimburse billions of dollars in corporate tax collections. The case also has potential implications for many other tax provisions.
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