Supreme Court upholds a tax on foreign income over a business-backed challenge

The Supreme Court has upheld a tax on foreign income over a challenge backed by business and anti-regulatory interests, declining their invitation to weigh in on a broader, never-enacted tax on wealth. The justices Thursday left in place a provision of a 2017 tax law expected to generate $340 billion, mainly from foreign subsidiaries of domestic corporations that parked money abroad to shield it from U.S. taxes. The law was passed by a Republican Congress and signed by then-President Donald Trump. The case attracted outsize attention because it might've led to a decision that would've doomed a wealth tax. The court ruled in the case of a Redmond, Washington, couple who challenged a $15,000 tax bill.