Here’s how the ultrarich avoid paying taxes

In her book “The Second Estate,” Boston College Law School professor Ray Madoff argues that the tax code in the United States lets billionaires keep their wealth outside of the tax system, leaving the heaviest burden to lower- and middle-income, working Americans. On today’s show, Madoff joins Kimberly to explain the “tax avoidance playbook” and why Congress has let certain loopholes go unclosed for decades. Plus, why a wealth tax may not be the simple solution you think it is.

Here’s everything we talked about today:

• "It’s Good to Be a Billionaire, Even at Tax Time" from The New York Times

• "Who Is Paying Their Fair Share of Taxes? A New Analysis and Interactive Tool" from The Budget Lab at Yale

• "Billionaires’ Low Taxes Are Becoming a Problem for the Economy" from The Wall Street Journal

• "Summary of the Latest Federal Income Tax Data, 2025 Update" from the Tax Foundation

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