Sep 30, 2023 - Economy
How the Supreme Court could grant $271 billion in tax relief
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A court case on this term's Supreme Court docket could end up granting 400 of America's largest corporations some $271 billion in tax relief, per new calculations from the Institute on Taxation and Economic Policy.
Why it matters: The argument being made by the plaintiffs, an American family with minority shares in an Indian farming firm, is that taxing multiple years of accrued income is unconstitutional.
- If the Supreme Court agrees and strikes down the Mandatory Repatriation Tax, that could mean Apple alone would be refunded more than $37 billion that it paid between 2017 and 2022.
