In December the US Congress has passed the regressive tax-cuts scheme pushed by Donald Trump and long desired by Republicans.
The truly instructive story is about one detail. As part of his populist pitch pre-election, Donald Trump had sworn to sugar the changes at least in a small way by closing a particular tax loophole advantageous to hedge fund and private equity managers, "carried interest".
The loophole has survived. Gary Cohn, director of Trump’s National Economic Council, and a plutocrat himself, was startlingly candid about it.