As if all this weren’t enough, the tax system is biased toward the owners of wealth and against people whose income comes from wages. Capital gains are taxed at a lower rate than ordinary income. Among the biggest winners are CEOs whose options and bonuses are tied to the stock market, which can therefore be treated as capital gains when cashed in. The bull market of 2010 to 2014 gave them all fabulous after-tax windfalls.
