SCOTUS upholds Trump tax on foreign income

[Harpy Eagle]

https://www.cnn.com/2024/06/20/politics/wealth-tax-supreme-court/index.html

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

Court delivers rulings on lower-profile cases as decisions on abortion rights, social media and Trump’s prosecution for election meddling remain pending

www.theguardian.com

Can never have too many taxes it seems.

 

[JGalt]

https://www.cnn.com/2024/06/20/politics/wealth-tax-supreme-court/index.html

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

Court delivers rulings on lower-profile cases as decisions on abortion rights, social media and Trump’s prosecution for election meddling remain pending

www.theguardian.com

Can never have too many taxes it seems.

Sucks to be those investors. Maybe they should have invested in American companies instead.

MAGA

 

[ReinyDays]

Sucks to be those investors. Maybe they should have invested in American companies instead.

MAGA

These are "American-owned" companies ... that's in quotes because I don't think a public corporation can restrict who can buy shares ...

These are the "pass-through" taxes that Trump targeted ... Apple was the big culprit here, they were keeping foreign earnings off-shore so they wouldn't have to pay taxes ... taxes are paid by the shareholders themselves, not Apple ... note this was coincident to Apple shareholders suing Apple to bring these profits on-shore ... just pay the damn taxes, we wanted our profits ...

I agree ... how taxes are collected is strictly up to Congress and/or President ... they have the right to stop pass-through tax corporations ...

The link to the actual judgement is in the OP's link ... the situation here is clearly explained ...

=====

I hate Trump's speech ... but it's hard to argue against his policies ...

 

[Harpy Eagle]

Sucks to be those investors. Maybe they should have invested in American companies instead.

MAGA

Seems you have never meet a tax you did not love

 

[Darkwind]

Why does the govenment even bother with taxation?

They are just printing all the money they want regardless.

 

[Concerned American]

Sucks to be those investors. Maybe they should have invested in American companies instead.

MAGA

Not much difference--taxes is taxes. Meh. Like death, you can't escape it.

 

[Donald H]

Trump understands that Americans must make the sacrifice of more taxation to make America viable in comparison to the competing countries.

The only alternative would be to take it off of the backs of the super wealthy CEO's, and that doesn't even make the cut on being considered!

 

[westwall]

https://www.cnn.com/2024/06/20/politics/wealth-tax-supreme-court/index.html

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

Court delivers rulings on lower-profile cases as decisions on abortion rights, social media and Trump’s prosecution for election meddling remain pending

www.theguardian.com

Can never have too many taxes it seems.

Multinational corporations make money from our resources, they should have to pay for that, don't you think?

 

[struth]

This really pissed off the silicon valley billionaires that donate to xiden

 

[Harpy Eagle]

Multinational corporations make money from our resources, they should have to pay for that, don't you think?

If only that is what this case was about...but it is not.

In this case it is about whether the government could levy a tax on investment proceeds that had not yet been received. And SCOTUS just said they could. Most rounded out retirement accounts include some foreign investments. Should they all get taxed

 

[Concerned American]

If only that is what this case was about...but it is not.

In this case it is about whether the government could levy a tax on investment proceeds that had not yet been received. And SCOTUS just said they could. Most rounded out retirement accounts include some foreign investments. Should they all get taxed

This is not a tax on "unrealized gains." The couple that were at the crux of this case had realized the gains when they reinvested them. It is no different than if they had taken the cash and bought real estate with it--they chose to buy more of their investment.

 

[Harpy Eagle]

This is not a tax on "unrealized gains." The couple that were at the crux of this case had realized the gains when they reinvested them. It is no different than if they had taken the cash and bought real estate with it--they chose to buy more of their investment.

So, not unlike dividends being reinvested in more of the stock

 

[bendog]

If only that is what this case was about...but it is not.

In this case it is about whether the government could levy a tax on investment proceeds that had not yet been received. And SCOTUS just said they could. Most rounded out retirement accounts include some foreign investments. Should they all get taxed

Keggers specifically wrote the case was NOT about that. And had it been, ACB specifically wrote that were that NOT the case, she would have voted nay.

McConnell had to get some revenue to pass both his personal and business income tax cuts. This was part of it, along with repealing SALT tax deductions.

The issue was whether income earned overseas by a corporation registered in another country but 50% owned by US citizens. That's been legally taxed since the 1960s. That's referred to as Subpart F.

Subpart F Income: (New) What is it & Who Files 2024

Subpart F Income & the IRS: What is it & Is it Taxable in the US? Taxation of Subpart F Income for U.S. Shareholders of CFC under IRC 952.

www.goldinglawyers.com

But, nothing in this decision supports a fear that AOC will realize her dream and be able to tax unrealized income from property earned in the US or via a multinational that is truly multinational and just not a tax shelter