Comment by cratermoon

The tax laws relating to carried interest, for example. Everyone, rich and poor, gets to take advantage of the lower rates compared to ordinary income. Sounds equitable on the surface, but the reality is that poor people don't have investment yields that are taxed as carried interest, they have ordinary income. Rich people, on the other hand, can all but eliminate their ordinary income and the taxes on it, and instead put their money in places where it's taxed as carried interest, which is to say at a much lower rate.

I don't know what finance and investment regulations were in place when Learned Hand was alive, but I do wonder if he'd take the same position in an economy and tax regime so heavily titled to favor the wealthiest.