Ray Madoff
speaker
553 appearances
2 recordings
2 series
first heard Apr 2026
last heard 22 May
Ray Madoff’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in May 2026 with 1.
Appearances
And different proposals have been made.
Some say we should tax them each year as they occur.
I think that's going to be too burdensome and too complex for people to understand.
So what I think we should do is say that whenever the person transfers the property, whether they transfer it by gift, whether they transfer it at death, whatever they do with it, once they no longer own it, then they should tally the gains and pay taxes on it then so that the person who earns that income, earns those profits,
pays taxes on them.
Our failure is to not tax the appreciation to the person who earns it by letting them pass it tax-free.
In Canada, they have this rule which says that whenever you transfer the property, we're going to tally the gains, and I think we should have that rule here for purposes of investment gains.
And that's fine.
I'd be perfectly happy to do it.
I think there are some problems because, first of all, you can borrow against any number of assets, right?
You might have lost assets that you can borrow against.
So it's not really clear.
And also, people's borrowing is very small in relation to their total wealth.
So the only thing I'd be concerned about when we talk about taxing borrowing is I wouldn't want that to be seen as the solution to the problem.
Because when somebody has $200 billion, you know, you can live a pretty good lifestyle with just a billion dollars.
Hard to believe.
And so then we don't want people to think they're solving the problem by taxing borrowing.
So that would be my only hesitation as you and I are fine-tuning our tax systems.
And that's a really important part of this conversation, of understanding this issue, because we have all these seeming failures in our income tax system, right?
We don't tax appreciation.
Showing 101–120 of 553 · page 6 of 28
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