https://www.taxtmi.com/news?id=71162 The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies. en-us Fri, 20 Feb 2026 23:16:03 +0530 Fri, 20 Feb 2026 23:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=71162 The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies. News - Fri, 20 Feb 2026 23:16:03 +0530 https://www.taxtmi.com/news?id=71162