Ray Madoff (on how billionaires avoid taxes & threaten capitalism)| Armchair Expert with Dax Shepard
The 1982 SEC shift: The legalization of stock buybacks under Reagan shifted corporate profit distribution from taxed dividends to untaxed buybacks, causing the stock market to decouple from dividend payouts and skyrockettakeawayRay Madoff explains how the US tax code has created a modern 'Second Estate' where the ultra-wealthy avoid taxes through mechanisms like borrowing against stock, step-up in basis, and the shift from dividends to buybackssummaryBorrowing against assets: The ultra-wealthy live off loans secured by their stock collateral (e.g., Larry Ellison), which is not considered taxable income, allowing them to maintain liquidity without selling shares or patakeaway














