Jeffrey Scharf

Getting your Trinity Audio player ready... Another tariff lawsuit, another loss for the Trump administration. The Supreme Court tossed out the “Liberation Day” tariff scheme imposed under the International Emergency Economic Powers Act. These were the “reciprocal” willy-nilly tariffs imposed, cancelled, reimposed, altered and threatened on the whim of the president. The 6-3 majority found that a statute that did not include the word “tariff” could not be used to impose tariffs.

Getting your Trinity Audio player ready... “Our federal income tax system is a disgrace to the human race.” — President Jimmy Carter in his 1978 tax message to Congress. Back then, the tax code ran an estimated 1,300 to 1,500 pages. Today, the tax code runs an estimated 2,600 to 3,000 pages. Rulings, regulations and interpretations add tens of thousands of pages more. This complexity leads to staggering compliance costs.

Getting your Trinity Audio player ready... Prediction markets are exploding and with them the ability to bet on almost anything. Will Jesus return before 2027? Will the U.S. confirm that aliens exist before the end of this year? How many tweets will Elon Musk post in the next week? While these bets may seem like harmless diversions, it is also possible to bet on war and peace. When will U.S. forces enter Iran? When will the Strait of Hormuz open? When will the U.S. seize Kharg Island?