ArticleU.S. Supreme Court Upholds Section 965 Transition Tax
June 25, 2024In a 7-2 decision, the U.S. Supreme Court on June 20 upheld as constitutional the Internal Revenue Code Section 965 transition tax, also known as the mandatory repatriation tax (MRT) enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA), while leaving open the question of the constitutionality of wealth taxes, which have been a Biden administration tax policy focus.