The subpoenas seek years of Trump's personal financial records, as well as those of the Trump Organization and his other businesses.
In another 7-2 ruling, the court sent the congressional case back to a lower court for further consideration, saying it needs to further examine the separation of powers questions raised.
New York Attorney General Cyrus Vance Jr. stands a very strong chance of prevailing in the upcoming lower court arguments for his case.
Appellate courts in Washington, D.C., and NY brushed aside Trump's arguments in decisions that focused on the fact that the subpoenas were addressed to third parties asking for records of his business and financial dealings as a private citizen, not as president.
"The Third Circuit Court of Appeals" judgement that federal agencies had no authority to exempt the Little Sisters in the first place "was erroneous", Justice Clarence Thomas wrote in his majority opinion.
The subpoenas - orders to hand over evidence - were issued previous year to Mazars USA, who are Mr Trump's accountants, and to major Trump lenders Deutsche Bank and Capital One. The cases were the last to be released of the high court's term, which dragged into July because of the coronavirus pandemic.
If you were hoping to see Donald Trump's financial records before the 2020 election, today was not your day. He was joined by the court's liberal justices and two other conservatives, Neil Gorsuch and Brett Kavanaugh.
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He also narrowly missed out on another three World Championships - in 2007 with McLaren , and in 2010 and 2012 with Ferrari . Alonso stepped away from F1 at the end of 2018 following a hard four-year spell at McLaren without a victory or a podium.
Trump broke with longtime convention and refused to release his taxes as either a candidate or a sitting president, despite request from the House Ways and Mean Committee, chaired by U.S. Rep. Richard E. Neal, D-Springfield.
It is unlikely Trumps tax returns or financial records will be made public before the November election.
In a 7-2 ruling, the court found that a subpoena issued to Trump's accounting firm, Mazars LLP, can be enforced, and dismissed Trump's lawyers' argument that he is immune from criminal proceedings.
The Supreme Court on Wednesday sided with Catholic schools in a separate legal dispute with teachers who said they were unlawfully dismissed, ruling that religious institutions like churches and schools are shielded from employment discrimination lawsuits.
The House Financial Services, Intelligence and Government Oversight committees said the subpoenas were in the exercise of their oversight and legislative responsibilities.
"We reaffirm that principle today and hold that the President is neither absolutely immune from state criminal subpoenas seeking his private papers nor entitled to a heightened standard of need". "This case stemmed from mandates that the Obama administration promulgated that put unreasonable demands on employers to cover potentially life-ending drugs, contraception, and sterilization". But there follows a section, created to attract the conservatives, that sets out an elaborate four-part test for assuring that due weight is given to separation of powers concerns when Congress subpoenas the president. Not fair to this Presidency or Administration!.
Trump's personal lawyers filed suits in NY and in Washington seeking to block the subpoenas.
To some, the delay caused by the decision itself qualifies as a clear win for President Trump, who prevailed in raising the bar for what Congress must show in order to get court enforcement of its subpoenas.
"The inability of the House's attorney to articulate some limit on Congressional subpoena power stuck out badly during oral arguments; many noted it", Honig wrote.