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Slate Money | Money Talks: How Our Tax Code Makes the Rich Richer

Slate News

Slate Podcasts

News, News Commentary, Politics

4.66K Ratings

🗓️ 28 October 2025

⏱️ 47 minutes

🧾️ Download transcript

Summary

In this Money Talks: Emily Peck and Felix Salmon are joined by legal scholar Ray D. Madoff to discuss her new book The Second Estate: How the Tax Code Made an American Aristocracy. Ray lays out how the US tax code favors the wealthy to an unbelievable degree, helping them to essentially opt out of the system altogether.  Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello and welcome to money talks, your guide to all manner of amazing ideas,

0:20.0

the Slate Money Show where we talk to the most interesting people

0:23.7

in the world about fascinating things. This week, I, Felix Armand of Bloomberg, am joined by,

0:30.6

wait, hang on a sec, Emily Peck of Axios. Hello. This is a two-on-one interview because, Emily,

0:36.3

who are we interviewing this week?

0:46.0

We are interviewing the wonderful Ray Madoff, who just wrote an amazing book called The Second Estate, How the Tax Code, Made an American Aristocracy.

0:46.9

Hello, Ray.

0:49.0

Hi, what pleasure to be here.

0:52.8

Ray, so other than writing this book, what's your claim to fame?

0:53.6

Introduce yourself.

0:54.5

Who are you? So I'm a law professor at Boston College Law School where I've been for 32 years,

0:59.2

teaching students how to help the rich avoid taxes and teaching them other things as well.

1:04.2

So you have this book.

1:05.9

It's all about exactly that, how the rich evade taxes.

1:09.2

We're going to dive deep into the estate tax

1:12.5

or the effective lack thereof and income tax and what crazy strategies the rich have used

1:20.3

not only to evade taxes, but also to persuade the government to let them evade taxes. And

1:26.3

what might conceivably be done about it. It's gnarly and

1:30.3

depressing, but also a must listen. If I do say so myself, it's all coming up on Money Talks.

1:41.8

Where do you find a clear signal in a world of static?

1:45.4

In a time of rapid change cut through the noise.

1:48.5

The Economist goes beyond the headlines to decode the forces shaping today and defining tomorrow.

...

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