The Supreme Court will decide a challenge to a Trump-era tax law provision aimed at wealth held in foreign corporations, a case that could reshape the taxing powers of Congress.
The case announced by the court on Monday centers on a one-time tax for people who own at least 10 percent of certain foreign corporations, even if the companies’ earnings have not been given to the U.S. shareholders.
The litigation was brought by a couple who said they were subjected to $14,729 in additional taxes under a provision in the 2017 Republican tax law because of their ownership in a company from which they had never received earnings and likely wouldn’t for some time.
