The Second Estate by Ray D. Madoff

Our book for April is The Second Estate: How the Tax Code Made an American Aristocracy by Ray D. Madoff

For those who are interested, here is the link to the detailed results from the voting.

Here is a summary of the book (from Gemini):

In The Second Estate: How the Tax Code Made an American Aristocracy, legal scholar Ray D. Madoff lifts the curtain on the 7,000-page US tax code to reveal how it actively creates and protects extreme wealth inequality. Madoff draws a striking parallel to pre-revolutionary France, where the "Second Estate" or nobility enjoyed lavish privileges while being legally exempt from taxation. She argues that modern America has quietly developed its own aristocracy by maintaining two distinct tax systems: a rigid one for working-class wage earners who bear the brunt of income and payroll taxes, and a highly flexible one for the ultra-rich, whose fortunes are tied to investments and inheritances.

Rather than relying on illegal offshore accounts or shady backroom deals, Madoff explains that the ultra-wealthy use a perfectly legal "tax avoidance playbook" hidden in plain sight. By strategically avoiding traditional W-2 salaries, continually borrowing against their growing assets to fund their lifestyles (a strategy often called "buy, borrow, die"), and manipulating rules meant to encourage charitable giving, America’s billionaires can effectively remove themselves from the tax system entirely. Ultimately, the book serves as a devastating exposé of how the current system cultivates dynastic wealth at the expense of working Americans, sparking an urgent conversation about fundamental tax reform.

This event will be hybrid. I will host the meeting in person at my house in Berkeley which is near the intersection of College Ave and Woolsey St. I will email people the address the Saturday before the meeting.

Here are the Google Meet details:
Google Meet link: https://meet.google.com/zem-xnbw-tuh
Or dial: ‪(US) +1 641-854-0146‬ PIN: ‪637 012 874‬#