Do fat cats pay less?(The Taxonomist)(investment taxes compared to taxes on earnings)
American Prospect, The, May, 2004 by McIntyre, Robert S.
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When then-presidential candidate John Edwards complained that "something is deeply wrong when a billionaire has a lower tax rate than his secretary," he was talking about George W. Bush's cut in the top tax rate on dividends and capital gains to only 15 percent. But it got me thinking: Even with Bush's huge new loophole, do we really tax total personal investment income much more lightly than wages? This April, I spent a few weeks working out the arithmetic.
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The short answer is that when Edwards charged that workers pay "at more than twice the rate" of ...
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