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 champing 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.
Special: Get a 100% Free Copy of How to Pay Zero Taxes, click here.
According to Schnepper, there are scores of loopholes hidden in the IRS’s 70,320-page Tax Code to help you pay zero taxes that most Americans aren’t even aware of.
“There are lots of ways to increase your wealth without having a chunk gobbled up by the IRS,” says Schnepper, a tax counselor for Haran, Watson & Company and the head of a full-service accounting and legal practice.
“It’s not that the agency doesn’t want your money. It’s just that tax law prohibits the IRS from touching it. And with a bit of planning, you can start cutting your current tax rate and putting money in your pocket now.”
In How to Pay Zero Taxes, Schnepper explains in layman’s terms how to legally benefit from scores of “hidden” tax rate secrets.
For example, there is a provision that allows a taxpayer to buy a $12,000 car at a net cash cost of just $6,641. And if the car is run no more than 60,000 miles in its first five years, a loophole eliminates all expenses, thus reducing the tax rate cost to zero.
Elsewhere, he reveals an investment vehicle that allows you to sit back and collect tax-advantaged paychecks — without having to lift a finger.
Originally published in 1983, How to Pay Zero Taxes has been fully updated to include all the latest tax rate law changes. It is chock full of practical strategies to lower your tax rate in 2012 and for years to come.
As a bonus, How to Pay Zero Taxes includes answers to practical questions to lower your tax rate, like how much you can invest in or withdraw from your IRA, what can and can’t be written off, how to avoid an IRS audit, the best way to donate to your favorite charity, and a lot more.
It’s no wonder The New York Daily News called How to Pay Zero Taxes “the IRS’s worst nightmare,” going on to say, “If there’s a tax break allowed out there, it’s in here.”
While Obama and Congress fight over how they’re going to waste future tax dollars, middle-class Americans are taking their financial future into their own hands to figure out How to Pay Zero Taxes.
Editor’s Note: Lower your tax rate right now — Newsmax is giving away 10,000 copies of Jeff Schnepper’s book How to Pay Zero Taxes. If you would like a 100% free copy today, simply click here.
© 2016 Newsmax Finance. All rights reserved.