NEW YORK (CNNMoney) -- Nobody's really talking about this slice of the pie, but Mitt Romney's "47%" who pay no federal income tax include several thousand of the highest-income households in the country.

The Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.

Combined, those households represented just 0.025% of the more than 76 million who did not pay.

But their presence in the No Tax Club underlines the fact that the tax code is chock full of tax breaks and exceptions benefiting people up and down the income scale.

There are various reasons why a household booking more than $1 million in income could owe nothing in federal income tax, experts note.

Related: 6 of the richest owed no income tax in 2009

Among them, people who live off their investment income and report large investment losses in a given year may be able to offset the taxes owed on their investment gains.

Or they may have gotten a lot of their income from tax-free investments, such as municipal bonds.

Ugh. You're up an hour early, your body hates you for it, and even a gallon of coffee can't get your day on track. Daylight savings sucks. But you know the worst part? It doesn't have to be like this.
Daylight savings isn't as old as you think it is. First suggested by Benjamin Franklin, in 1784, it was at the time shot down by many very sensible people as being pointless. Then, in the First World War, it was introduced—first by the Germans—to save coal during war time.

Somehow in that age of austerity, the concept soon caught on and everyone started doing it. Sadly, nobody's really thought to change back. Except Arizona, and it hasn't fallen off the face of the planet as a result.

The Census Bureau has sparked debate with a proposal to redefine Latinos as a racial category. The agency’s exploration into a new classification system stems from concern over the fact that some 18 million Latinos declined to identify their race in 2010.

But whatever new system emerges from the debate won’t change one key fact: "Latino" is not a race.

The term “Latino” refers to people of Latin American origin, and the countries of Latin America are diverse, multiracial and generally racially mixed. Most social scientists agree that race doesn't actually exist -- it's a social category invented to keep people apart. The diversity of Latin America makes it clear how hard it is to neatly classify people.

From Mexico to Patagonia you’ll find white people, black people and indigenous people, and all the possible combinations -- not to mention many people of Asian and Middle Eastern backgrounds. More than 67 languages are spoken in Mexico alone. More people of African descent live in Brazil than any country in the world, except Nigeria.

To understand why so many Latinos have trouble identifying a race on the Census, it helps to take a look at the restrictive options available: white, black, Asian, Pacific Islander and American Indian/Alaska Native.

Last year, a young man called in to a radio station with a problem. He’d recently attended a bachelor party, he said, and a friend of the groom-to-be, clueless of the unwritten etiquette of maledom, brought his girlfriend along, derailing what was supposed to be a weekend of gambling, girls, and general debauchery. The caller told his story with passion and verve, and then asked the station’s listeners for their advice on how to treat his clueless pal.

Or at least he would have, had this been a real conversation. The young man—who asked to remain nameless in order to protect his chances for future employment—was an actor, and the staged call an audition. A short while later, he received the following email: “Thank you for auditioning for Premiere On Call,” it said. “Your audition was great! We’d like to invite you to join our official roster of ‘ready-to-work’ actors.” The job, the email indicated, paid $40 an hour, with one hour guaranteed per day.