Supreme Court Could Trigger Billions in Corporate Tax Cuts with a Single Decision
Summary by NewsWall Oct 07
- A new report warns of significant tax gifts for corporations and a potential $340 billion deficit in the federal budget due to an upcoming SCOTUS case in December.
- According to estimates, nearly 400 multinational corporations could collectively receive over $270 billion in tax relief if the conservative-dominated U.S. Supreme Court rules in favor of the plaintiffs in Moore v. United States.
- The Roosevelt Institute and ITEP also discovered that Chief Justice John Roberts and Associate Justice Samuel Alito own shares in 19 companies that could receive a total of $30 billion in tax breaks if the judges invalidate the 2017 law's mandatory repatriation tax.
- The case has implications beyond the repatriation tax, potentially allowing the Supreme Court to become a major tax policymaker and creating uncertainty about the ability to tax large corporations and the wealthy.
Story Details
| Last Updated | Oct 07 |
| Total Articles | 58 |
Main Topics
revenue service of the United States federal government
overview of the economy of the United Kingdom
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