 Another is the "carried-interest" loophole (costing tax payers about $4 billion/year) which allows hedge fund managers — some of the richest people in the US — to pay only 15% tax (the capital gains rate) on income they receive from investors, though the money is a paycheck received for services, not investment income.Though this process came as part of what the authors describe as a "transformation of American government", it has been overlooked by the public, the media, and recent political science studies.They focus on the more entertaining, fast-moving and easy-to-follow "electoral spectacle" of politicians and their campaigns for office, instead of "what the government actually "does"" — the more complex, and "frankly boring," organization-driven making of laws and policy.