In 2005, the 25 hedge-fund managers averaged $363 million. Paul Krugman observes that these 25 were paid three times as much as New York City’s 80,000 public school teachers combined. And because their pay is taxed as capital gains rather than salary, the teachers paid a higher tax rate!
From The Great Capitalist Heist: How Paris Hilton's Dogs Ended Up Better Off Than You by Gerald Friedman
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