Is the effective tax rate on the carried interest loophole just the 15% Arrington mentions, or is it also more? I ask because we can talk about capital gains t

Is the effective tax rate on the carried interest loophole just the 15% Arrington mentions, or is it also more? I ask because we can talk about capital gains tax rates and how low they are, but we should always talk about effective tax rates, in my opinion. That was why Subchapter S Corporations were created, I believe.