| Welcome to the Saturday edition of Businessweek Daily, featuring the Everybody's Business podcast. Let us know what you think by emailing the editor. If this email was forwarded to you, click here to sign up. If most of your money comes in through your paycheck, you may be a sucker. This according to Ray Madoff, professor at Boston College Law School and author of The Second Estate: How the Tax Code Made an American Aristocracy. Madoff says the ultrawealthy of the world d0n't rely on income (which is carefully taxed). Instead, their wealth is generally tied up in things like stock options, family trusts, houses, yachts, rare coin collections and all other manner of assets that typically aren't taxed. This week on Everybody's Business, Stacey Vanek Smith and Bloomberg Businessweek Editor Brad Stone are joined by Madoff to talk about taxing the wealthy. California is proposing a ballot initiative that would levy a one-time tax of 5% on the assets of residents with a net worth of $1.1 billion or more, an effort to fund health care for poor and middle class Californians. This has caused quite a flap among the state's richest residents. Also this week, Stacey and her usual co-host, Max Chafkin, talk about Generation Alpha. Although most of the Alphas—ages 1-16—don't yet have jobs, they wield enormous economic muscle. And in spite of worries about their screentime, many are rejecting technology. In the hours after publishing that episode on Friday, President Donald Trump's global tariffs were struck down by the US Supreme Court. For an emergency episode, Stacey called up Jonathan Lieberman, the president of New York Customs Brokers, which specializes in seafood imports, to understand what this news means for our pocketbooks. |
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