Guam trusts. Irish leasing companies. Phony deductions. It's enough to make an honest taxpayer wonder. Bilionaire peter peter R. Kellogg, the former head of Wall Street's top mar- ketmaker, Spear, Leeds & Kellogg, has a tax goodie that you don't have. Since the mid-1990s Kellogg has used an obscure provision in the tax code to shield hundreds of millions of dollars of investment earnings from taxes. Unlike ordinary mortals, he can move in and out of stocks and bonds without an annual tax bill cutting returns.
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