The U.S. Supreme Court is currently hearing oral arguments in a case - Moore v United States - that could have major implications for the U.S. tax code and federal revenue.
The case involves Charles and Kathleen Moore, a Washington couple who own a controlling interest in a profitable foreign company impacted by a tax implemented through former President Donald Trump's 2017 tax overhaul.
The Moores are challenging a levy on company earnings that were not distributed to them, which raises questions about the definition of income' and its potential impact on the entire U.S. tax code.
Experts believe the case could have far-reaching effects on fiscal policy, potentially making it one of the most significant court decisions in recent history. (Press Run Down 12/06/23) Expert says Supreme Court case on 'income' may have major fiscal impact (pressrundown.com)
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