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Thursday, February 9, 2012

How to Pay Zero Taxes in 2012 — No Matter What Obama and Congress Do About Tax Rates Read more on Newsmax.com: Lower Tax Rates, Income Tax Rates, Pay

By Aaron DeHoog

The advent of 2012 probably won’t signal the end of the world as we know it, but there’s certainly an Armageddon of sorts brewing in Washington, D.C., over tax rates — namely who should or shouldn’t be paying more.

On one side, President Barack Obama is chomping at the bit to raise tax rates on what he refers to as “millionaires and billionaires” as a means of narrowing the federal deficit, which currently stands at $1.3 trillion.

“This is not class warfare,” Obama insists. “It’s math. [The money to close the deficit] is going to have to come from someplace.”

Urgent: Pay Zero Taxes in 2012 Use This Single Loophole

Under the Obama tax rate plan, however, individuals with adjusted gross incomes of just $200,000 or more ($250,000 and up for married couples) would lose certain itemized deductions and other exemptions. And the top two income tax rates would rise from the current 33% and 35% to 36% and 39.6%.

On the other side, congressional Republicans have dug in their heels in an attempt to extend Bush-era tax rates for at least one year — if not permanently. “We have a spending problem,” Senate Minority Leader Mitch McConnell (R-Ky.) has said. “We spend too much. We don't have a taxing problem. We don't tax too little."

While all this haggling is going on, millions of American taxpayers continue to pay high tax rates to meet an annual federal budget — loaded with pork barrel projects — that has ballooned to a staggering $3.8 trillion.

And to add insult to injury, some of the wealthiest Americans pay zero taxes despite their high tax rate. In fact, 46.9% of those earning $250,000 or more pay zero taxes.

And it was perfectly legal thanks to hidden loopholes and shelters.

Wish you could take advantage of these same “zero tax rate” loopholes? You can, says Jeff A. Schnepper, a top tax expert and the author of How to Pay Zero Taxes: Your Guide to Every Tax Break the IRS Allows.


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