How the rich escaped taxation
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How the rich escaped taxation
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Over the last 40 years, many of the wealthiest Americans have effectively seceded from taxation.
While regular Americans - from surgeons to bus drivers - pay large chunks (sometimes half!) of their income in taxes, lots of those with billions of dollars pay a teeny, tiny sliver of their wealth in taxes each year. And their heirs can inherit billions of dollars tax free.
How have we let this happen? And why don't most people know about it? Boston College scholar Ray Madoff - author of The Second Estate - talks about what the heck is going on.
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