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An analysis by Covington, Taxand U.S.
The U.S. Supreme Court has recently confirmed that the repatriation tax under section 965 of the Internal Revenue Code is constitutional.
The decision asserts that Congress has the authority to levy taxes on the undistributed income of foreign corporations owned by U.S. shareholders. This affirmation is pivotal as it reinforces the legality of taxing foreign earnings and could influence future tax policies on wealth and capital gains.
Sean Akins, Xueshu (Shae) Qian, and Sarah King from Covington, Taxand U.S., offer a detailed examination of the implications of this ruling here.
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