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News Link • TAXES: Federal

Romney Tax Tips: 10 Ways to Stiff the IRS

• http://motherjones.com, By Josh Harkinson
 

Unlike Mitt Romney, most Americans who will pay their taxes today can't afford fancy accountants. But Romney has reluctantly made public his tax returns, and thus shared valuable strategies to ensure that he a pay a far lower rate than, say, Warren Buffett's secretary. Citizens for Tax Justice recently waded through Romney's 2010 return—in which his $22 million in income was miraculously taxed at just 13.9 percent—to come up with a handy primer for how you, too, can beat the IRS at its own game. To paraphrase:

1. Don't work for a living
The tax rate on money earned actually working ("salaries and wages") can be more than double the rate on money earned sitting around watching your investments go up in value ("capital gains"), thanks to the work of other people. Almost all of Romney's income is taxed as capital gains.

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