Time for a FEDERAL TAX REVOLT? - Democratic Underground

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Sun Nov-14-04 11:42 PM
Original message

Time for a FEDERAL TAX REVOLT?

Edited on Mon Nov-15-04 12:06 AM by DanSpillane

-SICK OF PAYING FOR THE US MILITARY-INDUSTRIAL COMPLEX?

-SICK OF A PRESIDENT VOTED IN BY RED STATES--WHO WILL END UP PROMPTING NUKE ATTACKS ON BLUE STATES WITH LARGE CITIES?

Can anyone think of ways to do a tax revolt? Here's one--

1. Set up a big Swiss bank account, with good oversight.
2. Everybody suddenly declares extra dependents on witholding, early in the year (this is LEGAL)
3. The difference is sent to the swiss bank account.
4. Come early april next year, people vote on whether to pay the US government. The money goes out april 14th.
5. All the interest collected goes back to contributors as a DIVIDEND on april 15th.

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The Velveteen Ocelot

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Sun Nov-14-04 11:47 PM
Response to Original message

1. SInce when is it legal to declare extra dependents?

This sounds like the sort of thing that would get you nice comfy accommodations at the expense of the federal government. Somebody else can try it out, let us know whether it works -- if they let you have a pencil and paper in your cell in Leavenworth.

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unblock

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Sun Nov-14-04 11:53 PM
Response to Reply #1

2. i think he's talking about claiming extra dependents on your WITHHOLDING

which IS legal, but only if you are not trying to evade taxes.

between withholding and/or estimated taxes, you must cough up 100% of your previous year's taxes or 90% of your current years taxes, broken out into roughly quarterly installments. if you underpay, you owe a penalty.

innocently underwithholding is not illegal, even if you overstated exemptions.

doing it deliberately to avoid taxes IS illegal.

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The Velveteen Ocelot

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Sun Nov-14-04 11:57 PM
Response to Reply #2

4. I guess the reference really was to exemptions, then.

Not deductions. But the whole scheme looks pretty questionable...

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Mon Nov-15-04 12:02 AM
Response to Reply #2

6. Not trying to EVADE

Planning to PAY--on April 14th!!!!

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unblock

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Mon Nov-15-04 12:54 AM
Response to Reply #6

7. you'll still owe a penalty and possibly a fine

you have to withhold or pay estimated taxes quarterly (actually due 4/15, 6/15, 9/15, and 1/15 or next business day)

if you withhold absolutely zero and don't pay any estimated taxes at all, i wouldn't want to be your tax attorney when the irs comes knocking. that certainly looks like you're trying to evade.

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Cleita

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Mon Nov-15-04 12:00 AM
Response to Reply #1

5. I used to do it when interests rates at the bank were up to 18%

Then I filed estimated taxes quarterly. This way I could get interest on the money owed for those three months. You don't get out of paying taxes, but at the time it seemed foolish for the Federal government to be holding your money interest free. At the time it was legal, but I haven't kept up with tax code that much so it would be best to consult with a tax preparer first.

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journalist3072

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Sun Nov-14-04 11:54 PM
Response to Original message

3. Federal Taxes

I am a law-abiding citizen who pays her taxes faithfully each year. But I am offended that I have to pay federal taxes, because I live in the District of Columbia and we don't have full representation in the United States Congress.

It's taxation without representation, pure and simple.

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hux4000

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Mon Nov-15-04 12:57 AM
Response to Reply #3

8. done

kick

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