“The secret tax lives of the rich have long been unknowable. No more. Madoff renders her essential exposé with generosity and wit, making The Second Estate as enjoyable as it is devastating.”

Branko Milanovic, author of The World Under Capitalism

“Madoff exposes the misalignment of the US tax code, especially how it serves the interests of the very wealthy at the expense of working Americans. A must-read for anyone seeking to understand one of the defining shortfalls of our country.” 

Robert Price, Price Charities

“The Second Estate details the intricacies by which the tax code creates two tax systems: one for wage earners, one for those with financial income. Within this system, billionaires benefit from the lower tax rates, tax deferrals, and can even escape tax entirely. Madoff’s answer—not for the faint of heart—is to pursue the daunting challenge of tax reform, building a fairer tax system that is better suited to today’s economic disparities.”

Kimberly Clausing, author of Open: The Progressive Case for Free Trade, Immigration, and Global Capital

“No one but Ray Madoff could write a page-turner on the US tax code. The Second Estate is a startling exposé of how the richest Americans are accumulating wealth in ways that are nearly, if not completely, tax-free. Madoff shows how they did it and how we got here. It’s essential reading for anyone interested in the rise of economic inequality and extreme wealth.”

Jonathan Levy, author of Ages of American Capitalism

“No one is happy with the US tax system. Madoff presents a clear and comprehensive look at how America’s most affluent households have taken advantage—legally—of the various complexities in the tax code to shield themselves from the taxes that ordinary Americans pay. Understanding these tactics is critical to designing a better system in a world with substantial inequality and an unsustainable fiscal outlook.”

William Gale, Brookings Institution