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The Supreme Court’s decision on taxing offshore earnings could have been an indirect, though significant, move in the fight over wealth taxes — but it didn’t turn out that way.
The justices decided Thursday not to wade into the legality of taxing a household’s paper gains, emphasizing that their 7-2 decision was narrow and confined only to the provisions of the 2017 tax cuts at issue.
Both supporters and detractors of a wealth tax painted the decision as a glancing win for their side.
“The fight goes on to tax the rich, pass a wealth tax on ultra-millionaires and billionaires, and make the system more fair,” Sen. Elizabeth Warren, a progressive Democrat from Massachusetts who has pushed her own wealth-tax proposals, said in a post on X Thursday.
The ruling “is great news. Next year, there is nothing standing in Congress’s way to make the wealthy pay up,” said Lindsay Owens, executive director of the Groundwork Collaborative, a progressive advocacy group.