On June 20, 2024, the U.S. Supreme Court upheld Congress’ authority to impose a one-time tax on earnings from overseas corporations. In response, Alexandra Thornton, senior director of financial regulation at the Center for American Progress, issued a statement.
"This ruling means that wealthy people attempting to avoid taxes by offshoring their money have to pay their fair share, just like every other American," Thornton said. "The court’s decision avoids an outcome that would have thrown the American tax system into disarray and put at risk other forms of taxation that raise billions of dollars in revenue. The ruling prevents the ultrawealthy and corporations from gaming the system to pay even less in taxes."
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