Business: Finding Shelter from the Storm

The loud proud cry: "We've never paid a dime in taxes"

Ronald Reagan saved roughly $4,500 in federal income taxes last year by declaring losses on his tax-sheltered ranch near Santa Barbara, Calif. While still a peanut farmer in 1976, Jimmy Carter so skillfully used Internal Revenue Service rules that he owed virtually no taxes on an income of $54,934.79. The President later voluntarily donated $6,000 to the IRS. And Ted Kennedy, who was railing against the abuses of tax shelters at last month's Democratic Convention, has much of his fortune tied up in...

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