This is CBS, I am the world. I'm John Bachelor. The 16th Amendment of the United States of America,

1913 reads in part,

the Congress shall have the power to lay and collect taxes

on incomes from whatever source derived

without apportionment among the several states,

and without regard to any census or enumeration.

The question is, does the Congress have the power also to tax unrealized gains? There's a new

case coming before the Supreme Court, Moore versus United States 2023, turning on the complaint by a couple, Charles and

Kathleen Moore, that they were being taxed on unrealized gains and that that was unconstitutional.

Fortunately, I have Professor Richard Epstein of the Hoover Institution,

teaches law at NYU in the University of Chicago,

writing at defining ideas for the

Hoover Institution, anticipating the Supreme Court's hearing of

unrealized gains. I mention as an amateur if this is likely empowered by the Supreme Court it will

completely upset the markets which is a good evening to you

to you. The more versus the United States

seems to be high stakes, very high stakes. Is it or am I over reading this?

Good evening to you. Well you're not over reading it. There were two phases in this

case. To begin with, let's give you a very brief summary, there's an exact sum in dollars and cents, which is in a corporation, which the Moors as a minority shareholder cannot exact from that corporation.

What they've claimed is you can't tax me on money that I cannot possibly receive, but it's

important to know that this is gain which to perfectly realize, i.e.

reduce the balance and sense at the corporate level, but has not been distributed to the

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