A Washington state couple's nearly $15,000 tax bill was debated by the Supreme Court on Tuesday, in a case the Biden administration says could have "far-reaching consequences," potentially costing the government more than $5 trillion. At issue is whether ...

Their eventual decision in the case could severely limit congressional options in enacting tax policy, and it could cost the federal government trillions of dollars in corporate taxes.

Justices on both sides of the ideological spectrum pressed a lawyer representing taxpayers who are seeking to throw out a repatriation tax on certain overseas earnings.

The court needed to speak clearly against taxing unrealized income in order to preempt court clashes on wealth taxes in the future, they said in court papers. Wealth tax proposals didn’t come up during oral arguments, but they hovered in the background.

The justices looked for an even keeled ruling in a case that has the potential to leave the government out trillions in tax revenue.

The case before the justices Tuesday could have sweeping implications for the U.S. tax system and derail proposals from some Democrats to create a wealth tax.

The challenge by a Washington state couple is widely viewed as an effort to preemptively block Congress from creating a wealth tax.

The Supreme Court is taking up a case Tuesday over a Washington couple's $15,000 tax bill that is widely seen as a test of a never-enacted tax on wealth. A decision in favor of Charles and Kathleen Moore of Redmond,

The court looked unlikely to impose strict new limits on Congress’s power to tax income, with some conservative and liberal justices alike signaling wariness about upending long-settled principles of the federal tax code.

U.S. Supreme Court justices on Tuesday appeared hesitant to upend a tax targeting owners of foreign corporations that could undermine efforts at imposing a wealth tax on the very rich in a case that has sparked controversy over a call for Justice Samuel Alito to recuse.