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don't invest unless you're prepared to lose all the money you invest this is a high-risk

investment and you should not expect to be protected if something goes wrong This is a

the CBS in the world. I'm John Bachelor. I welcome Professor Richard Epstein, a senior fellow at the Hoover Institution teaches law at the University of Chicago and NYU to discuss retroactivity. Retroactivity is in the news because in a proposal from the Biden administration in order to raise revenue to pay for the

investment of the trillions that the Biden proposed a Biden administration is proposing.

There is one little detail about capital gains taxes

that already is controversial because the president administration is

proposing to raise capital gains from about 23% to about 40% somewhere in

there depending on what state you're in and how you calculate this. However, in addition to that

proposal there was this surprise, at least the news said it was a surprise, that

the capital gains tax would be retroactive to the end of April to April of

this year. In other words, it's too late to sell, it's the shorthand version of this. I ask Richard at the time, this seems very much like

takings, Richard. Richard has a book that explores when it is that the government oversteps its a constitutional authority and takes

property or assets from a citizen. Richard a very good day to you. It seemed like takings to me and you send me United States

versus Carleton.

This is the United States Supreme Court 1994, in which I read that the court was asked to decide just such an issue when the Congress

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