Edwards not a tax dodger, but

Edwards not a tax dodger, but…: This weblog’s opinion of plaintiff attorneys is well known so it may come as a surprise that I will jump in to defend against the notion that the veep-nominee is a tax dodger. That’s what is implied in the reports today about his nearly $27 million income during the four years prior to entering the Senate. This AP article, for example, indicates that by creating an S Coporation, he was able to “shelter” himself from Medicare taxes. I am sure the records will show that Edwards paid Medicare taxes once, but that he only “sheltered” himself from paying Medicare taxes twice on the same income. However, a little math exercise will display why plantiff lawyers are considered, well, a bit over-compensated: If Edwards worked the equivalent of 60 billable hours a week for 52 weeks per year, his income works out to roughly $2,160 per hour. (If he billed 40 hours per week and took two-weeks of vacation, the rate was $3,375 per hour.) But, again, I’m sure he paid Medicare taxes at least once on that $2,160 per hour.