Taxed at an extraordinarily low rate...
Yes and no.
My understanding is that if an employer gives you stock outright as part of your compensation, you must pay federal earned income tax on the fair-market value of the stock as of when they gave it to you, which would be 35% for the last dollar earned by someone in the top tax bracket. You also pay federal capital gains tax on any increase in price since then, up to 35% if you held the stock less than a year, likely 15% if you held it more than a year. (It could be 0% if more than a year and your income is less than a certain amount, but if so you probably don't have any stock anyway.)
You might say the 15% is an extraordinary low rate, but then again, if you were just paid a like amount of cash, you could have used it to buy the stock at its fair-market value and achieved the same overall tax rate anyway. The real trick is to (1) have enough spare money that you don't need this income for at least a year, possibly a lot longer depending on market conditions, and to (2) know what stocks will gain so dramatically that your initial investment seems insignificant. If you can do those things on most of your income, the low tax rate is just the icing on the extraordinarily large cake you can easily afford to have and eat, too...
Of course there are some loopholes, but I think they're only practical for "job-creators" like Mitt Romney, not regular folk like you and me. (And for the record, some of my income was considered long-term capital gains, but apparently not nearly as much as Romney's; my tax rate was much higher.)