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  1. #1
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    Questions about income tax withholding

    This topic came to mind in another thread, and I have some questions I am sure some of you can answer. It is regarding the government system to withhold taxes from our paychecks before we see it. In my opinion, it is a tyrannical practice. If everyone had to cut a check every year on April 15th, I believe there would be much more outrage about how our money is being spent. So my question is:

    Can we choose to not have that money withheld, and pay yearly, or quarterly? I know businesses can do that. As everyday employees, can we? How often do businesses pay income taxes for their employees?

    What would happen to the cash flows on the federal and state level if, all of a sudden, millions of people decided to do this at once? Would it get their attention? Or would they just print more money, and go deeper into debt?

    Something is needed to get their attention in Washington. Our national debt is ridiculous. Spending is out of control. Special interest groups are sucking the lifeblood from the American people. The immigration bill is about to add 20,000,000 people to our "entitlement" programs. If you think the future of social security was dire before, it would be DOA at the signing of this bill. I've had it, and I know many, many other people have too. What can we do about it?



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    Re: Questions about income tax withholding

    yes you can



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    Re: Questions about income tax withholding

    So why not? If this is a lawful form of protest, why not?

    "......That to secure these Rights, Governments are instituted among Men, deriving their just Powers from the Consent of the Governed, that whenever any Form of Government becomes destructive of these Ends, it is the Right of the People to alter or to abolish it, and to institute new government....."



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    Re: Questions about income tax withholding

    just file as an illegal alien with 13 dependants...

    --- They Will Send You More Money Than You'll Ever Need



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    Re: Questions about income tax withholding

    Yeah, you can do it, you just have to pay quarterly. If you do not do quarterly you get slapped with an underpayment penalty at the end of the year.

    I would love to see everyone write a $20k check at the end of the year. It would get people out of the mode of "I don't pay taxes, this year I got a refund!" One of my co workers said, that which I have to say in all my years is the stupidest thing I have heard yet.


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    Re: Questions about income tax withholding

    Honestly, I'm glad they have a system where they're willing to pull the tax out of my paycheck. Otherwise it'd end up getting spent and I'd be screwed either year-end or quarterly.


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    Re: Questions about income tax withholding

    Quote Originally Posted by jdoggivjc View Post
    Honestly, I'm glad they have a system where they're willing to pull the tax out of my paycheck. Otherwise it'd end up getting spent and I'd be screwed either year-end or quarterly.
    Yeah, I agree that it is easier. For people to do this, they would simply have to get ahold of a withholding chart, and set up an interest bearing account, then be extremely disciplined about paying the proper amount into it. Obviously the government is going to get their money eventually. Their system is counting on the fact that a large number of people would not consider themselves disciplined enough to do this. It's just like your 401K guy tells you, take it out of your check, you'll never miss it.




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    Re: Questions about income tax withholding

    Quote Originally Posted by brianhos View Post
    I would love to see everyone write a $20k check at the end of the year. It would get people out of the mode of "I don't pay taxes, this year I got a refund!" One of my co workers said, that which I have to say in all my years is the stupidest thing I have heard yet.
    A lot of people have this attitude. They don't seem to realize that a refund is actually their money and treat it like it's some kind of gift (Thanks IRS!!). We are a financially irresponsible generation, and that is why there is not more outrage over the way the government spends our money.

    Social Security is going to drag this country to its knees starting in about 10 years if something is not done to fix it, and nobody seems to notice except in passing.



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    Re: Questions about income tax withholding

    I'd say AMEN and then be accused of being a Christian bigot. interesting discussions going on, so anxiously waiting for recruiting results to ramp up,
    for fall football practice to start so there are non religious and non political items to talk about.



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    Re: Questions about income tax withholding

    S.S. is easy to fix. The problem is that the people that it would be responsible to fix the problem, it would mean less money in their pocket and their friend's pocket. If the SS tax did not stop at $90K and every dollar earned was taxed the same, no matter if you make $20K/year or $250 million /year. That would solve the problem. Or we can have Mr. Bush stop borrowing money from the SS pool to over take other countries in the middle east.



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    Re: Questions about income tax withholding

    Pardon me but that is exactly how Clinton balanced the budget plus he could not raise taxes with the Republican congress at that time. Bush has not borrowed from SS. My disgust is not with you or other Americans that work, pay taxes, its with the spineless and corrupt politicians. ( If Bush had to borrow from SS he probably would. I've lost a lot of my enthusiasm for him with this immigration amnesty plan.) If politicians thought SS was a good thing they would be signed up in it instead of a self directed plan like we should be instead of the ponsi scheme we are in. Then that would be one less headache of supporting the illegal immigrints.



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    Re: Questions about income tax withholding

    Quote Originally Posted by erikbj View Post
    S.S. is easy to fix. The problem is that the people that it would be responsible to fix the problem, it would mean less money in their pocket and their friend's pocket. If the SS tax did not stop at $90K and every dollar earned was taxed the same, no matter if you make $20K/year or $250 million /year. That would solve the problem. Or we can have Mr. Bush stop borrowing money from the SS pool to over take other countries in the middle east.
    Yes SS is very easy to fix. Cancel the whole damn thing tomorrow and let us invest our own way.


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    Re: Questions about income tax withholding

    Quote Originally Posted by erikbj View Post
    S.S. is easy to fix. The problem is that the people that it would be responsible to fix the problem, it would mean less money in their pocket and their friend's pocket. If the SS tax did not stop at $90K and every dollar earned was taxed the same, no matter if you make $20K/year or $250 million /year. That would solve the problem. Or we can have Mr. Bush stop borrowing money from the SS pool to over take other countries in the middle east.
    Then you have to uncap the amount of monthly payments to beneficiaries, and you are right back into the overspending problem. Someone making 250K should get 10x the payment of someone making 25k. They paid 10x the tax. I really hate the way this country treats the hard workers and educated who make more $$$.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

  14. #14
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    Re: Questions about income tax withholding

    I'm in favor of dropping social security altogether. It's not going to be around by the time you and I retire anyway. We needed a phased withdrawal. We need to cut our entitlement programs drastically. And I agree with you Brian, our progressive tax system violates the right to equal protection under the law.



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    Re: Questions about income tax withholding

    Quote Originally Posted by Cyclonepride View Post
    I'm in favor of dropping social security altogether. It's not going to be around by the time you and I retire anyway. We needed a phased withdrawal. We need to cut our entitlement programs drastically. And I agree with you Brian, our progressive tax system violates the right to equal protection under the law.
    Generally, most of us who have careers have 401Ks and equivalents (being a government employee mine is called FERS) that generally make social security irrelevant for us. If I plan my FERS and investing properly, I could have well over $1 million waiting for me after I retire...


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