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      Rohit Chopra

      Existential Threat to CFPB Spotlights Massive Stakes of New Supreme Court Term

      "How the court rules, and the relief it orders, will have enormous implications for the future of the agency, the validity of its past rules and enforcement actions, and its ability to continue protecting consumers."

      Jake Johnson
      Oct 02, 2023

      The corporate forces that have been gunning for the Consumer Financial Protection Bureau since its creation more than a decade ago are set to have their moment before the U.S. Supreme Court on Tuesday, with the justices poised to hear a predatory payday lending group's challenge to the agency's funding mechanism on the second day of their new term.

      The case—Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited—poses an existential threat to the CFPB, which has aggressively pursued corporate criminals under the leadership of director Rohit Chopra, who has been dubbed "Wall Street's most hated regulator."

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      US Supreme Court
      U.S. Supreme Court Justice Samuel Alito

      Supreme Court Could Trigger Hundreds of Billions in Corporate Tax Cuts 'With the Stroke of Pen'

      A new report warns that huge tax gifts for corporations and "a $340 billion hole in the federal budget" are among the potential consequences of a case SCOTUS is set to hear in December.

      Jake Johnson
      Sep 27, 2023

      A Washington-based married couple's challenge to an obscure provision of the 2017 Republican tax law has the potential to become "the most important tax case in a century," with far-reaching implications for federal revenues, key social programs, and Congress' constitutional authority to impose levies on income.

      That's according to a new report released Wednesday by the Roosevelt Institute and the Institute on Taxation and Economic Policy (ITEP).

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      US Supreme Court
      A protester carries a white sign reading, "Tax the rich," in red ink.

      Could the Supreme Court Rule a Wealth Tax Unconstitutional?

      A foreign-profits tax case has become a new cause for the radical right, which sees it as an opportunity to score another major political victory before the Republican-dominated tribunal.

      Bill Blum
      Sep 27, 2023

      At first glance, Charles and Kathleen Moore’s beef with the Internal Revenue Service doesn’t seem like the kind of dispute that would wind up before the Supreme Court, much less result in a landmark legal decision. In 2005, the couple invested $40,000 in KisanKraft, a company based in India that supplies modern tools to small farmers. In return for their investment, the Moore’s received an 11% stake in the company.

      The enterprise proved profitable, and the couple reinvested their earnings but never pocketed any cash dividends. In 2017, however, former President Donald Trump signed the Tax Cuts and Jobs Act into law. Although the overall thrust of this legislation was to lower taxes for large businesses and the rich, the act contained a one-time levy on foreign profits—the Mandatory Repatriation Tax (MRT)—that required owners of more than 10% of a foreign company to pay a tax on corporate earnings, whether distributed or not.

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