Ray Madoff

“My feelings about Prop 40 are that meaningful change has to happen at the federal level,”

Ray Madoff · said date not stated · reported 2026-10-18

Madoff expressed her view that meaningful tax change must occur at the federal level.

“It's a system in which essentially the richest Americans have been written out of the tax system, much like the aristocracy of pre-revolutionary France,”

Ray Madoff · said date not stated · reported 2026-10-18

Madoff compared the current tax system's treatment of the richest Americans to pre-revolutionary French aristocracy.

“People who have enough money to live on their investments and inheritances legally don't have to pay any taxes.”

Ray Madoff · said date not stated · reported 2026-10-18

Madoff explained that wealthy individuals living on investments and inheritances can legally avoid paying taxes.

“And I think that to the extent Prop 40 creates an incentive for meaningful change to take effect on the federal level, then I'd say it would be helpful. On its own, it obviously can't do anything; it's just patching a temporary hole, right? But I think that there is a certain amount of symbolic value of Prop 40.”

Ray Madoff · said date not stated · reported 2026-10-18

Madoff discussed the symbolic value of Prop 40 and its potential to incentivize federal-level change.