How the ultra-rich avoid paying taxes
On Point with Meghna Chakrabarti
WBUR
4.3 • 3.9K Ratings
🗓️ 9 February 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
In the 1980s, a lawyer devised a tax dodge that would save the ultra-rich millions. In the 1990s, Congress stepped in to make the maneuver even more lucrative. We hear how the ultra-rich avoid paying taxes.
Transcript
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| 0:00.0 | It's tax season. |
| 0:08.5 | You're standing at your mailbox, pulling out your W2's, your 1099's, and you sigh. |
| 0:16.4 | Because yes, taxes are the price we pay for a civilized society. |
| 0:21.1 | You can credit US Supreme Court justice all over Wendell Holmes for that one. |
| 0:25.4 | It's also carved over the entrance to the IRS's HQ in Washington. |
| 0:30.5 | But is everyone who's enjoying the fruits of this civilization actually paying fairly |
| 0:36.6 | for it? |
| 0:38.3 | Democratic lawmakers don't think so. |
| 0:40.2 | No billionaire should be paying a lower tax rate in the school teacher or firefighter. |
| 0:45.0 | I mean, think about it. |
| 0:48.9 | Okay, so let me be clear. |
| 0:50.9 | We are talking rates here. |
| 0:53.3 | Not absolute dollars, okay? |
| 0:54.5 | So let's set that aside. |
| 0:56.6 | But have you ever wondered how that happens? |
| 0:59.7 | It's not like there's a paragraph on page 5473 of the United States tax code that says |
| 1:05.5 | to achieve the billionaire deduction, do this. |
| 1:08.7 | Nah, it's way more interesting than that. |
| 1:12.6 | You see, billionaire tax avoidance is in its own way a celebration of American ingenuity. |
| 1:19.2 | Ideas are brainstormed in that laboratory of fiscal experimentation. |
| 1:23.8 | The tax attorney's office. |
| 1:25.6 | And then they're unleashed into the wild. |
... |
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