Thanks to many loopholes in our tax code–the carried interest loophole being the most important–the richest people in American are likely paying a lower tax rate than you are. From Businessweek: For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate—what they actually pay—fell from almost 30 percent [...]

I notice that the Daily Beast decided to do a long PR ad for an interview with Peter Peterson, which tried to make clear just how reasonable the man is. Many of his cheerleaders quickly hailed it as persuasive proof. The problem is that on the issue of the deficit, Peterson is a self-serving hypocrite. [...]