this post was submitted on 03 Jul 2025
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That's why I explicitly said people would have to save the money so they could pay their taxes come next April. You're under no legal obligation to have accurate tax withholdings. It's only a convenience to make sure you don't owe a ton at the end of the year. You just have to make sure you properly file and pay up come tax season.
Of course, an increasingly criminal administration might do something illegal to seize withheld funds, but that's another thing all together. Force their hands and make them do it if they want the money.
That makes no difference to their budget. They can still spend what they want, maybe with a little extra inflation, and they still balance their books anyway. The only thing they miss is that free couple hundred dollar loan from the 65%-ish that over withhold.
A government doesn't need fiat currency, they just need to control the flow of it in/out of the economy. Sitting on your taxes is as good as paying them. Also, income tax is 48% of revenue and ~30% is paid by the top 5% of earners. I don't think a 6 month delay on <18% of revenue would be noticeable.