Supreme Court Signals It Will Uphold A Tax On Foreign Income And Leave A Wealth Tax For Another Day

WASHINGTON (AP) — The Supreme Court seems inclined to uphold a tax on foreign income while leaving broader questions about a never-enacted tax on wealth for another day.

Conservative and liberal justices voiced concerns Tuesday that ruling for a Washington couple challenging a provision of the 2017 tax bill would threaten other provisions of the tax code.

After two hours of arguments, there seemed to be a consensus on the court to craft a narrow ruling that would avoid what Solicitor General Elizabeth Prelogar said would be “several trillion dollars in lost revenues.”

The case argued Tuesday was brought by Charles and Kathleen Moore of Redmond, Washington, backed by anti-regulatory and business interests.