Ray Madoff

A lot of these guys do borrow heavily.

They get quite favorable rates, and paying the interest is much cheaper than taxes.

The other way to have a lot of money without paying taxes

is... Inheritance is tax-free.

Someone who inherits

So we have this really comprehensive income tax system, except you inherit $100 million, eh, don't worry about it, right?

So we have a very different system for people who inherit wealth.

So why is that the case?

Well, because the rules were put in place on the assumption that we have a robust estate tax.

Estate and gift tax rates have come down from like 90 percent to 40 percent.

So this is all a result of a campaign that was funded by 18 of the country's richest families, the Kochs, the Waltons, the Mars family.

The Mars family are big players in this story.

Who knew candy was so profitable?

Although then you read, like, they also do pet food.

I'm like, okay, that's crazy.

These people have so many, many, many billions.

These families got together because they were like,

We got to get rid of this estate tax.

And so they funded this campaign to get rid of the estate tax.

They hired this guy by the name of Frank Luntz.