I'm John Bachelor Professor Richard Epstein who has exercised about the Supreme Court

decision more at Oxford to the United States.

Justice Kavanaugh is aware that there are issues here, the Wall Street Journal says,

open the door to the wealth tax.

Justice Kavanaugh wrote for the majority, the seven to two majority, well five

majority. There were Justice Barrett dissented and Justice Jackson dissented for their own purposes.

Justice Kavanaugh wrote for the majority, stressing that the court's ruling was a narrow

one.

Kavanaugh noted that a contrary decision, quote, could render vast swaths of the Internal Revenue Code unconstitutional.

He seems to see that there are shallow, there are shoals up ahead, Richard.

What can be done?

Well the shows are the ones that I mentioned to you.

All the situations where you have financial assets that are taxed without realization

and there are huge portions of the Internal Revenue Code that deal with corporate

options and things like that. And he says you can't stop them. So what can be done

is, first of all, you should never have stirred this pot.

But now that you stirred the pot, what you have to do

is to completely change the approach.

Don't make this a constitutional argument.

Make it an argument which shows how it is that every time you've tried a tax on

unrealized appreciation of corporate stock, public stock or private stock, or a

wealth tax, it's resulted in a calamity or a disaster.

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