How the rich escaped taxation. Ray Madoff’s argument, revisited.

Over the last 40 years, many of the wealthiest Americans have effectively seceded from taxation.

While regular Americans - from teachers to surgeons - often pay between 25 and 50% of their income in taxes, lots of billionaires pay 5% (or less) in taxes each year. And their heirs can inherit fortunes tax free.

How have we let this happen? And why don't more people know about it?

Boston College scholar Ray Madoff - author of The Second Estate - talks about what's going on.

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