Ray D. Madoff > Quotes

“Loan proceeds can be used to buy houses, yachts, and other things that support the asset owner’s lifestyle.”
― Ray D. Madoff, The Second Estate: How the Tax Code Made an American Aristocracy

“Investment in capital assets, deferral, and the Angel of Death loophole together are the core of “buy, borrow, die” as a tax-planning technique.”
― Ray D. Madoff, The Second Estate: How the Tax Code Made an American Aristocracy

“As the industrialists passed wealth to their heirs, they created a new class of idle American rich, many of whom embraced aristocratic ways.”
― Ray D. Madoff, The Second Estate: How the Tax Code Made an American Aristocracy