Welcome back to the dispatch podcast. I'm your host, Sarah Hizgert, joined by Jonah Goldberg,

David French and dispatch fantasy football commissioner. And maybe he has something to do

with the morning dispatch, Declan Garvey. This is going to be action packed. The billionaire's

tax, Taiwan, Facebook, and we've got an election in Virginia coming up.

All right, let's dive right in. Jonah, how are we paying for it?

We're not paying for anything. No, I mean, like when we were talking about this in our

oak red oak line planning room over over rich brown liqueurs, I took, I decided to jump

on the grid and take this new unrealized capital gain tax thing that is a backdoor billionaire

tax, which is a backdoor wealth tax. Basically, I mean, here's what Ron Wyden is proposing,

this massive proposal to basically tax the 700 richest people in America and not on their

income, but on their unrealized capital gains mostly, essentially from stocks. And the

reason why this is controversial, well, there are a lot of reasons why it's controversial.

But the essence of it is that it's some would say unconstitutional, which we can get to

in a second, but also just simply that it would be incredibly cumbersome to do, be very

difficult to do. How do you fix the price? How do you tax people on things that on a day-to-day

basis, the market can change the value of? Is it effective? It apparently would only raise

about $200 billion over 10 years, so it wouldn't cover most of this stuff. And so it feels to

me politically more than policy was just an example of Dems in disarray that they are flailing,

they're trying to come up with some sort of messaging, some sort of talking point,

some sort of rationale to get to yes with Christensen among some others. And it's not actually

a very serious policy thing, even the head of the Ways and Means Committee says no way.

This is crazy. We'll get to the constitutional question in a second, but Sarah, just as a

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