While lawmakers have a growing interest in taxing the ultra-rich, last week's Supreme Court ruling could threaten future wealth tax proposals, experts say.
In Moore v. United States, the Supreme Court blocked a challenge to the "mandatory repatriation tax," a one-time levy on certain foreign investments enacted in 2017.
More from Personal Finance:Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate55-year-olds are 'critically underprepared' for retirement, survey findsHere's where U.S. rents are rising — and falling — the fastestMany tax experts watched the Moore case to gauge Congress' authority to tax unrealized earnings, which could have an impact on wealth tax proposals.
But the Supreme Court didn't comment directly on the issue.
Still, the 83-page ruling scattered some clues about whether certain versions of a wealth tax could pass constitutional muster, experts say.
Persons:
Moore, Moores, Brett Kavanaugh
Organizations:
Finance
Locations:
United States, U.S