The very rich in America pay taxes at a lower rate than most working people, and, due to a wrinkle in the tax code, private-equity partners enjoy some of the lowest tax rates of all.
Federal loopholes, particularly for private-equity partnerships, allow them to pay at the capital-gains rate—15 percent—rather than the 35 percent charged on ordinary income and that is after loads of right-offs.
Wall Street is scrambling to deny any changes with the ridiculous claim that it would be an attack on the virtues of free enterprise. Meanwhile, the gap is growing between the rich and the poor
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