Yes, the ultra-rich can be taxed. Here’s how

The ultra wealthy of the world have long avoided paying income taxes by not having much of an income at all. Instead, their wealth is generally tied up in things like stock options, family trusts, houses, yachts, rare coin collections and other things that typically are not taxed.

Ray Madoff, professor at Boston College Law School, joins Stacey Vanek Smith and Brad Stone on the Everybody's Business podcast to discuss the one-time tax of 5% that California is trying to impose on billionaires, why it's problematic and what she thinks the government should do instead.