The D.C. Circuit Court of Appeals—known as the second‐​highest court in the land—has ruled in the case Halbig v. Burwell that the IRS regulation authorizing tax credits in federal exchanges was invalid. But at the center of the Halbig ruling is checking presidential power. President Obama, like an autocrat, thought he could levy taxes on his own authority. The decision also shows that the Affordable Care Act does not work as promised. Could this lead to the collapse of Obamacare? What’s the next step in the effort to replace the ACA with a free‐​market alternative? Cato scholar Michael Cannon—along with law professor Jonathan Adler—first drew attention to this issue in August 2011 and has been called the “intellectual father” of Halbig. Michael will update Cato Sponsors on the latest developments, chart the next move, and take your questions. Recommended Reading:

• “Reining in ObamaCare — and the President,” by Michael F. Cannon and Jonathan H. Adler
• “Halbig v. Sebelius,” by Jonathan H. Adler and Michael F. Cannon