The supposed populist Ohio Republican Senate candidate J. D. Vance has structured his income to exploit a controversial tax loophole that almost exclusively benefits the super-rich, according to financial disclosures reviewed by us.

Vance’s opponent, Ohio Democratic representative Tim Ryan, has cosponsored legislation to close the so-called carried interest loophole, which lets many Wall Street moguls pay an artificially low tax rate on their income.

Politicians in both parties have denounced the tax dodge — but if they ever get serious about trying to eliminate the maneuver, Vance could stand in their way. If Vance wins in November, the Senate’s arcane rules could empower him to stall any initiative to close a tax loophole from which he stands to personally benefit.