I was just crusing another of my favorite forums and ran into a concept I had HEARD of before, but didn't know much about. I looked it up on Wiki and it just might work.
At any rate, they are espousing a form of 'Starve the Beast' campaign during the Obama administration, i.e., pay as little in any form of tax as is humanly possible.
Most people think they're already doing that, but these guys are talking about extreme measures.
1. Have your house reassessed at current market prices. The assessment will cost you, but your taxes will probably end up lower.
2. Borrow every dime you can against your 401K and roll it over into an IRA at a local bank (after exploring its financial health). Admittedly, you have to pay it back into your 401K via payroll deductions, but you're paying the interest to YOURSELF, at least, and the amount you have in the IRA will grow. Once the loan is paid off, repeat.
3. Buy nothing new. Garage sales and rummage sales do not charge sales taxes.
4. Set your family up as an LLC.
No. 4 is the one I don't really understand. Do we have any tax lawyers in the group who would be willing to comment on stratagies for tax avoidance (no one is espousing tax evasion) of everyday wage-earning families? Frankly, I don't want to give one penney more to this administration than is absolutely necessary!