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Mitt Romney's Tax Strategy And Other Tax Strategies From The Wealthy

Emily Cohn   First Posted: 02/29/2012 4:08 pm   Updated: 03/ 8/2012 8:35 am

Warren Buffett's secretary pays a higher tax rate than billionaire Warren Buffett. Mitt Romney paid a 13.9 percent tax rate in 2010--lower than many middle-class earners.

Are they gaming the system? Not quite. America's tax code is a wild west of benefits ripe for the taking, if, of course, you make enough money to take advantage of them and you have the right tax help to guide you through the maze.

Here are some of the most significant tax breaks the super rich take advantage of.

Their Capital Gains Are Taxed At A Low Rate
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Money you make on investments or property is taxed at a much lower rate than income tax. The capital gains tax, which now stands at 15 percent, is one of the most powerful tools of the super rich, much to the chagrin of more than half of Americans who believe that capital gains should be taxed at the same rate as earned wages are. Mitt Romney has the capital gains tax to thank for his low tax rate.
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Filed by Emily Cohn  |