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Dec. 5, 2023

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What’s going on today?

Binance might be peak for U.S. crypto enforcement cases.
Trial over JetBlue’s Spirit merger ends.
X Corp calls ‘X’ trademark lawsuit a ‘shakedown.’
Prince Harry challenges ‘unfair treatment’ over UK security in London court.

U.S. Supreme Court ponders meaning of ‘income’ in tax dispute

REUTERS/Kevin Wurm/File Photo

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. At issue in the case is whether a levy on unrealized gains is allowed under the U.S. Constitution’s 16th Amendment, which enables Congress to “collect taxes on incomes.” Read more about the oral arguments.

The case has also sparked controversy over a call for Justice Samuel Alito to recuse. Amid demand for more ethical oversight at SCOTUS, Alito defended the court in articles in the Wall Street Journal‘s opinion section. Those articles were co-authored by David Rivkin Jr, an attorney for the couple who brought today’s case.

More top news:

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After $97 million med-mal verdict, doctors sue insurer for making them tort reform ‘pawns’

The Iowa Supreme Court was expected to hear oral arguments next week in the appeal of a record-setting medical malpractice judgment against an obstetrics clinic accused of causing an infant’s severe brain injuries. That appeal is now stayed amid a blitz of accusations and counterattacks by the medical clinic and the company that provided its malpractice insurance. Alison Frankel has the story of how a case that began as a dispute over the tragic consequences of one infant’s birth has transformed into a high-stakes examination of an alleged conflict between the interests of a policyholder that allegedly wanted to settle and avoid trial and an insurance company that was dedicated to changing malpractice law. Read more.

Check out other recent pieces from all our columnists: Alison Frankel, Jenna Greene and Hassan Kanu

In other news …

Israeli forces storm Khan Younis in south Gaza, killing scores of Palestinians … Israeli accounts of sexual violence by Hamas rise but justice is remote … The U.S. announced a visa ban policy after warning Israel over West Bank violence … Liz Cheney weighs a third-party U.S. presidential run … Biden’s approval is near the lowest level of his presidency … Ukraine sees a “big risk” of losing the war if U.S. Congress postpones vital aid … Indonesia’s Marapi volcano eruption leaves 22 dead … Cyclone Michaung hits India’s south … And the oldest mosquito fossil comes with a bloodsucking surprise.