On Sunday, President Obama went on the offensive against the carried interest tax rate. In a nutshell, this tax break allows super-rich hedge fund managers to sidestep a large portion of their tax bills with Wall Street slight of hand.
Is the American tax code designed to be confusing? At more than 70,000 pages, its complexity is hard to overstate. But forget its vastness: Even when it comes to its most basic terms, the IRS seems determined to muddy the waters of meaning. To help you out, we've unpacked a few of the most weaselly weasel words.
On Tuesday, GOP presidential hopeful Mitt Romney released his tax returns, which showed he only paid about 14% of his $21.6 million income in taxes. You'll probably never have that kind of money, but you can use some of his methods to save on your own taxes.