This is a series,

this is CBS, I on the world. I'm John Bachelor.

The case from the Supreme Court of the United States,

Moore at Ox and Wife versus United States, argued

December 5, 2023, decided June 20, 2024.

I welcome Professor Richard Epstein of the Hoover Institution of Senior Fellow Teachers Law

University of Chicago and NYU to comment on petitioners Charles and Kathleen Moore invested in the American

controlled foreign corporation Kissencraft. From 2006 to 2017, Kissencraft

generated a great deal of income but did not distribute that income

to its American shareholders.

At the end of 2017 tax year, application of the new MRT, that is the tax case, the tax question in at the

center of this, the mandatory repatriation tax of the Trump administration. The

MRT resulted in a tax bill of 14,729 on the Moors pro-rate a share of Kissoncraft's

accumulated income from 2006 to 2017.

The Moors paid the tax and then sued for a refund claiming among other things that the mandatory

repatriation tax violated the direct tax clause of the Constitution

because in the Moore's view the MRT was an unapportioned direct

tax on their shares of Kissencraft stock. The direct the district court

dismissed the suit the ninth court affirmed.

The Supreme Court has now said it is constitutional to tax that income from 2006 to 2017. I turned to the Wall State Journal editorial page

and learned a Supreme Court mistake on wealth taxes. Five justices open the door to taxing unrealized gains in assets.

Democrats will walk through it.

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