Episode 202:

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For a sliver of time, the political world was talking about how Donald Trump cheats on his taxes. Virtually every rich person does what Trump does: they use the tax code to dodge paying their fair share, which costs the country tens of billions of dollars every year.

Rich people move their money around, hide cash in trusts, foundations, hard-to-understand complex partnerships, a web of limited liability companies, and, especially for those who run companies, in overseas operations. And they have an army of accountants and lawyers whose sole job is to hide as much income, use the tax laws as aggressively as possible to confuse the under-resourced IRS staff, and, then, to fight in court to keep every nickel the IRS somehow manages to find.

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All of this is not a huge surprise to David Cay Johnston. David is the Pulitzer Prize-winning journalist who wrote the 2003 book, “Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else”. Alas, it’s all still true and getting worse—as he tells us today in my in-depth conversation with him.

-- Jonathan Tasini

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