The Second Estate: How the Tax Code Made an American Aristocracy with Ray Madoff

In this episode, Ray Madoff, author of The Second Estate, breaks down how the U.S. tax code has enabled the wealthiest Americans to avoid paying their fair share, creating a modern aristocracy. She explains why understanding taxes is essential for every citizen and highlights the strategies the wealthy use to minimize their tax burden. 

The conversation explores the role of inheritance, the shortcomings of the estate tax, and how complex tax rules disproportionately benefit the rich. Madoff also discusses potential reforms aimed at creating a fairer system, including treating inheritances as ordinary income. 

This episode is a must-listen for anyone interested in wealth inequality, tax policy, and the societal implications of a system that favors the ultra-wealthy. 

Make sure to check out Ray Madoff's book: The Second Estate 👉 https://https://www.amazon.com/dp/0226835200/

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Who thinks that they can subdue Leviathan? Strength resides in its neck; dismay goes before it. When it rises up, the mighty are terrified. Nothing on earth is its equal. It is without fear. It looks down on all who are haughty; it is king over all who are proud. 

These words inspired PJ Wehry to create Chasing Leviathan. Chasing Leviathan was born out of two ideals: that truth is worth pursuing but will never be subjugated, and the discipline of listening is one of the most important habits anyone can develop. 

Every episode is a dialogue, a journey into the depths of a meaningful question explored through the lens of personal experience or professional expertise.