Daily Kos :: Comments I Think This is a Marvelous Idea

not withholding (none / 0)

Sadly it is not legal to underwithhold. You are required to withhold 90% of your tax bill for the year, and if you fail to you can be fined or theoretically jailed. (I did it one year by accident, they didn't fine me because it was about $8, but the IRS guy was pretty firm about the need to withhold correctly)

by Wyrm2 on Wed Nov 03, 2004 at 12:25:06 PM PDT

[ Parent ]
- taxes (none / 0)
  
  I believe there's no fine if the difference is $500 or less, or if it's more, but last year it wasn't.
  It probably would make a noticeable difference if we all adjusted our withholdings so that we didn't get any tax returns, or even owned a small amount on April 15.
  OTOH, the federal government is already so deeply in debt, they may not even notice more.
  I like the idea pushing states' rights. It is a GOP position. They wouldn't fight it. It's something that might pass.
  
  "Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist." - Kenneth Boulding, economist
  
  by randym77 on Wed Nov 03, 2004 at 12:44:28 PM PDT
  
  [ Parent ]

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