This is CBSI in the world. I'm John Bachel. Professor Richard Epstein of the Hoover Institution

is here to help me with these global tax ideas. There are three of them. We've discussed

the idea of a minimum tax globally. Now we turn to the taxes on the 100 largest corporations,

multi-nationals, how you discern that list is important, but we're not addressing that

now. I want to raise the possibility of, is this efficient? Richard is a classical liberal,

so I'm asking him a question that is transnational. And also, what does this mean about China's

large corporations, which are certainly competitive? Will we tax them?

Well, I mean, you're asking all the right questions to which there are no easy answers,

but let's just assume that you could do this thing worldwide and the Chinese and the Russians

and everybody else is going to be drawn into the same pot. What you do is you look at

these large corporations and you have to ask two questions. One, is this about result

of efficiencies? Two, is this about the result of restraint on trade? If it's a result

of restraint on trade, then presumably some kind of an antitrust remedy would be appropriate.

But that would not be to the entire firm. It would be with respect to the particular

practices given lines of commerce that might be subject to itself. If you wish to attack

Apple or Google, they engage in a thousand different practices. 998 of them may be legal

and two of them may be wrong. The antitrust solution would pick the two or the 20 or the

50. And I turn out to be incorrect and then try to go after them. There's a lot of difficulty

there because there's a kind of wrong kind of mentality around the United States. The

Colbert should build, for example, in which everybody starts to see antitrust risks where,

frankly, I don't believe that they exist. But that's a fraction. Now, if you want to go

with global remedies, and you say, OK, we've got Jeff Bezos, why are we taxing him when

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