The late Leona Helmsley famously said, "only the little people pay taxes."

The past week seems to have proved her right. It started with news that the 400 highest-earning Americans paid an effective tax rate of 17% in 2006. That was the lowest effective tax rate in the 15 years the IRS has been keeping stats. (Advocates for the wealthy point out that these individuals, who earned an average of $236 million, paid an average of $45 million each in taxes--surely not chump change).

Associated...