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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in May 2026 with 1.
Appearances
We also don't tax money received by inheritance.
So if you find $100 on the street, you leave your office, you found $100, you are supposed to report that to the IRS and pay taxes on it.
However, if somebody hands you $1 million or $10 million or even $10 billion, you don't even have to report it.
You don't have to tell anybody.
You don't have to pay any taxes on it.
And that also applies to money you receive by life insurance and money you receive by gifts.
All of that is entirely tax-free.
Well, why do we have this enormous giveaway in the income tax system?
The answer is because we count on a robust estate tax system sweeping up and making sure that these untaxed forms of income are eventually subject to tax with what had previously been a pretty onerous tax.
The estate tax was enacted just a couple of years after the income tax, 1916.
We've had it a long time.
And for a long time, it did its work.
Basically, we had a tax, and we had a Congress that kept up with reforming the tax.
So in 1976 and 1986, we had a problem of these long-term trusts, and Congress enacted this whole additional tax as a backup called the Generation Skipping Transfer Tax—
Then we had a problem with valuation gaming techniques.
So four years later, Congress enacted special valuation rules and a whole other group of – a whole other section to the code.
And these were both enacted under Republican presidents.
So this was broad bipartisan support, supported keeping this tax up to date.
However, what you and your listeners might remember or, well, I guess maybe, Ed, you might not remember it, but maybe you've heard about it.
I'll pretend I did.
Showing 121–140 of 553 · page 7 of 28
← Previous
Next →