This is CBS I on the World with John Bachelor.

Here's John Bachelor.

This is CBS I on the World. I'm John Bachelor. Bachelor. This is CBSi on the world.

I'm John Bachelor.

I welcome Professor Richard Epstein, senior fellow at the Hoover Institution,

teaches law at NYU and the University of Chicago.

And we're headed to Supreme Court decisions in conversation about taxes.

Taxes proposed by the Biden administration and the majority in the Senate and in the House of Representatives and also at the

G20, the meeting in Rome. These are large-scale plans to raise revenue to pay for programs. The G20 meeting talked about a global

minimum tax. The Biden administration is talking about taxing companies who make more than who are appreciate

of more than a billion dollars or more than a hundred million dollars in income at

a set period a 15% minimum tax.

There is also a tax proposed in the Senate about taxing the most wealthy on their

unrealized gains.

These are moving stories, but Richard is speaking in general

of taxes that are applied to wealth, that is capital,

and not to income.

Richard, a very good evening to you. Let's first speak of the genius of the flat tax and how all of this would go away if America would move to a flat tax.

What is the flat tax before we discuss what the

Biden administration is looking to do? Good evening to you.

No, a flat tax simply says that the rate of taxation that you pay is constant no matter how much money you earn.

So if you earn, they have a 10% flat tax and you earn $100, you pay $10 if you have a 10% flat tax and you earn a million dollars you pay $100,000.

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