(RepublicanNews.org) – A number of major financial and administrative law disputes are set to be heard by the Supreme Court in its final two-week session of the year.
A case to be heard on December 5th will question the constitutionality of a tax issued under former president Donald Trump as part of the Republicans’ sweeping tax reforms in 2017. Importantly, the decision could impact wider taxation measures including a federal wealth tax.
The tax in question imposed a one-off tax on Americans who owned shares in foreign businesses based on the corporation’s earnings over the previous three decades, even if the earnings were not distributed to the taxpayer.
Charles and Kathleen Moore believe they are owed a refund of around $15,000 in taxes they were forced to pay due to their investment in an Indian supplier. Both say that the tax is unconstitutional as they never received any income from the company for their investment.
Prior to Moore v. United States, the Supreme Court will decide on the bankruptcy of Purdue Pharma. The producer of the prescription painkiller OxyContin faced thousands of lawsuits in 2019 in connection with the opioid crisis.
The wealthy Sackler family would have contributed up to $6 billion to the settlement, for which they would have been released from civil liability. However, despite 95% of creditors backing the plan, a component of the Justice Department called the U.S. Trustee Program is objecting in the Supreme Court.
Unanimous consent from all creditors is required, argues the Justice Department and a sole backer. Harrington v. Purdue Pharma L.P. could have potential impacts on other large corporate bankruptcies.
To close off November, the Biden administration will seek to defend the Securities and Exchange Commission which is being challenged over its constitutionality by George Jarkesy. In a heavily bureaucratic case, Jarkesy has accused the SEC of violating his constitutional rights after being found to have violated federal securities laws.
In addition to contending that his Seventh Amendment right to a jury trial has been breached, Jarkesy argues that Congress incorrectly delegated legislative power. This is due to his claim that the body gave the SEC authority to bring civil penalties. Moreover, he claims that SEC administrative law judges’ double for-cause removal protections are not constitutional.
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