New York Times: Can People as Rich as Romney Escape Taxes? They Can

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2. it's not all that hard, either. stick it all in munis and live off triple-tax free dividends.

what's hard is figuring out how to earn ginormous returns while still avoiding taxes.

but if you loathe taxes and are content to earn a rather low interst rate, then munis will do it.

alternatively, you can donate to charity and/or realize capital losses enough to completely offset your taxable income.

ordinary people need to spend enough to live on, and it's very hard to do that without generating taxable income; but for very rich people, it's not at all impossible. and i'm not even talking about hiding accounts overseas.