Justices uphold Trump tax on overseas investments in win for Biden

(CNN) — The Supreme Court on Thursday upheld a Trump-era tax on overseas investments, rejecting an argument from a Washington state couple in a case that could have jeopardized existing tax provisions and torpedoed Democratic talk of a wealth tax.A 7-2 majority upheld the tax, though several justices offered differing rationales.In reading his opinion from the bench, Justice Brett Kavanaugh repeatedly stressed that the court’s decision was “narrow” and did not implicate the raging debate over a wealth tax.At issue in the closely watched tax case was whether the government could levy a tax on investment proceeds that had not yet been received. Charles and Kathleen Moore, a Washington state couple, challenged a $15,000 tax bill they received because of their investment in an India-based company. The profit at issue, the Moores claimed, were reinvested and never distributed to them.The tax involved was enacted by Congress in 2017 as part of a larger package signed by then-President Donald Trump. The one-time mandatory repatriation tax was levied on shareholders on undistributed profits accrued between 1986 and the end of 2017 by certain foreign corporations that are majority owned by Americans. The provision was expected to raise $340 billion over a decade.“The...