Ray Madoff (on how billionaires avoid taxes & threaten capitalism)

Ray Madoff, a Boston College law professor and tax-policy expert, joins Dax Shepard to discuss how America’s tax code enables a new aristocracy. She explains why salaries are taxed heavily while the ultrawealthy pay almost nothing on capital gains, how a $50 trillion intergenerational wealth transfer yielded only $28 billion in estate tax, and why high earners and the truly wealthy are not the same group. Ray argues that closing loopholes and taxing wealth more fairly could save capitalism from its own excesses, and maintains that the problem is the system, not the billionaires themselves. Along the way, she shares stories from her own unlikely path from mediocre high school student to Wall Street tax lawyer and beloved professor.