In Connelly v. IRS, the Supreme Court considered whether corporations can evade paying federal estate tax on life insurance proceeds to facilitate stock buybacks after a shareholder dies. Here, the Connellys attempted to evade paying a $1 million tax deficit. A decision in favor of the Connellys would have created even more tax loopholes for the ultra-wealthy to avoid paying their fair share.

On June 6, 2024, the Supreme Court unanimously ruled in favor of the IRS.

Powerbroker-Affiliated Organizations

Organization

U.S. Chamber of CommerceRead the amicus brief

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  Koch Network

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  Horatio Alger Association