he Supreme Court declined to overturn a tax policy Thursday that critics warned could have had broad implications on federal tax policy and the U.S. economy, ruling against a couple who claimed they should not have been taxed on money they invested but hadn't made a profit on.

It’s difficult to concisely summarize the Supreme Court’s Thursday decision in Moore v. United States, which rejects a challenge to a one-time federal tax targeting some investors in foreign corporations. But the bottom line is that Moore is bad news for anyone hoping that the Supreme Court would launch a comprehensive attack on the federal government’s ability to raise taxes. 

Nevertheless, the decision is still excellent news for billionaires.

The Supreme Court on Thursday upheld a provision of the Trump tax cuts that taxed American shareholders of U.S.-controlled foreign companies on otherwise untaxed company earnings. The case, Moore v. United States, generated interest for the potential implications it would have for a wealth tax — specifically, one based on taxing investment gains that have not yet been realized.

In 2014, a year before entering politics and two years before winning the White House, Donald Trump inflated his net worth by as much as $2.2bn, lawyers for the attorney general of New York state alleged in court filings recently made public.

Letitia James, a Democrat, is seeking summary judgment in her multimillion-dollar civil suit against the Trump Organization over its financial affairs.