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Romney’s taxes: The GOP candidate’s preposterous explanation for overpaying them. »

But as much as it reveals the absurdities of Mitt Romney, his voluntary overpayment underscores the absurdities of the current tax system. Romney owes so little because of the tax code’s favoritism toward the rich. Whereas the top rate on salary, wages, and tips is 35 percent, the top rate on interest, dividends, and long-term capital gains is only 15 percent. This is economically inefficient, because it encourages businesses and individuals to structure their affairs to take advantage of the differential. It is also instinctively unfair, because it privileges a hedge-fund manager’s carried interest over a factory worker’s wages.

Posted 8 months ago from bookmarklet
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    Now that we know, we should change it.
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