Change my withholding?!?! They taxed my SSA and Retirement income this year, along with my regular income. We now owe $11,000 more in taxes!! 2024 we got a refund, 2025 we have to pay more. What in the friggen hell is that about?!
This was the first thing I thought of when I saw this, elimination of Federal Income taxes. However, he could be saying "adjust your exemptions now so you can get the money now instead of waiting till you file next year. I'm not sure.
I'm inclined towards your gradualist interpretation. Coming next year will be an increase in deduction levels and/or lowering of the percentages of the marginal tax rate tables. Thus lower your deductions with your employer is recommended so that you have access to this portion of your money throughout the year.
I'm not expecting the IRS to be abolished in under 20 months, let alone the state income taxes. I'll confess though, I ain't no time traveler.
So many taxes should be abolished, retirement early withdrawal taxes hit us hard. My Wife worked since 18 for 35 years, retired, but early according to the powers that be. So, you must give us a bunch of your money because... taxes.
Before our Great POTUS or Florida Gov Ron DeSantis ever mentioned a single word about "no income or property taxes", I started telling my fellow Anons here, beginning TWO YEARS ago and with absolute, 'arrogant certainty' that "In the future..." (sooner than you think), "THERE WILL BE NO INCOME OR PROPERTY TAXES in the United States of America."
Well patriots, my words were not in vain!
We are at the precipice of a New Nation; a New World!
"The best is yet to come" is not just a slogan.
It's going to be bigger and better than you can possibly imagine, and I'm very excited to be here (on this timeline, Kek) with you all on the journey! We're almost there!
WWG1WGA!
The only logical reason Treasury Secretary Bessent would be telling Americans to reduce their federal income tax withholdings NOW, and NOT be setting up Americans to get a big fat TAX BILL next year, is if there was a major tax overhaul coming in time for next year's tax season.
I'm not going to get ahead of POTUS, but I'll just say my 'HUNCH' is "This will be the last year of federal income taxes."
Given the fraud looks to be between 70% - 90% of the current federal budget (not joking), federal income tax should vanish for everyone and never come back.
The only logical reason is exactly what he said.
"I want to encourage everyone out there watching today to change their withholding ... you will get an automatic real wage increase on a weekly or a monthly basis."
The major tax overhaul was the BBB.
I think you misunderstood…
High Federal Withholdings from every paycheck make it so that the average person gets a TAX RETURN (refund), instead of a TAX BILL, when they file their taxes.
If everyone (following his advice) drastically reduced their federal withholdings, most people would get a massive TAX BILL (not a 'tax return') when they filed their next taxes.
A massive paradigm shift re: the Fed/IRS/Tax code, etc would reliably mitigate (prevent) that above tax bill.
I hope that clarified what I'm talking about.
I understand how taxes work (thank you). He didn't say to "drastically" reduce your withholding and is certainly not encouraging a "massive" personal tax bill and possible penalties. It's not hard to calculate withholdings to break even at the end of the year and he's giving a common sense reminder to do that. Not everything has to be a thing.
Correct. A big chunk of people did not see any benefit over last year. However, that is a crummy metric to gague sussess.
All the other expenses you mentioned, yes, better metric. Thank Biden and oil baron companies for that. If the price gouging stopped, we'd see record price falls that would stretch across all industries.
Taxes are deducted ("withheld") out of your paycheck so that when your yearly taxes are due, (hopefully) enough money was withheld so that the income tax you are liable for come tax season has been covered by those weekly withholdings.
Suppose families that need a few extra dollars in their paycheck took the Treasury Secretary up on his advice, and nothing at all changed with the income tax situation in America, a lot of those people would then be at risk for getting a big fat TAX BILL instead of a TAX RETURN because not enough money was withheld from their paycheck each week to cover their income tax.
In essence, Bessent's advice would likely HARM many families in the medium-long run unless something major was about to change.
But that's not going to happen because a major paradigm shift, of which I've been speaking here for two years consistently, is about to take place.
I don't need to change withholding, as our only income that has it has a super low withholding. I'd rather keep my money in my account drawing interest than let the government use it without interest. Our withholding is just a token amount. I keep what I'll owe in a money market account so I can get more interest.
The idiot commenters on X don't understand the idea of keeping their own money longer in a savings account. The also can't comprehend taxes actually going down or completely away. They are young and don't know how incredibly they are screwed today, compared to over 50 years ago when I was starting out.
The(y) also can't comprehend taxes actually going down or completely away.
Correct. That was the take away from Scott Bessent's message...
And it's also, just by pure coincidence, the exact message I have been conveying here for the last two years, before Trump (or anyone else) ever mentioned it.
Also, just by pure coincidence, I've been repeatedly making Trump/Christ references and innuendos here for the last two years for a very specific reason...
And right on Q, Trump started doing it several months ago. And Trump will be making more.
What amazes me is why no one here wonders how I knew.
(I'm not the original JT, nor affiliated w/ Q team)
I’m thereby inclined to inquire if I can get back the $34,000 I paid last year please
Change my withholding?!?! They taxed my SSA and Retirement income this year, along with my regular income. We now owe $11,000 more in taxes!! 2024 we got a refund, 2025 we have to pay more. What in the friggen hell is that about?!
It sound like what you really need is a better tax attorney and competent wealth management advisors.
Have you tried Schedule X?
I doubt it!
This was the first thing I thought of when I saw this, elimination of Federal Income taxes. However, he could be saying "adjust your exemptions now so you can get the money now instead of waiting till you file next year. I'm not sure.
Here is the full video:
https://www.bing.com/videos/riverview/relatedvideo?q=bessent+says+increase+tax+exemptions+to+save+money+this+year&&mid=1C427D0081AE2A7E37391C427D0081AE2A7E3739
I'm inclined towards your gradualist interpretation. Coming next year will be an increase in deduction levels and/or lowering of the percentages of the marginal tax rate tables. Thus lower your deductions with your employer is recommended so that you have access to this portion of your money throughout the year.
I'm not expecting the IRS to be abolished in under 20 months, let alone the state income taxes. I'll confess though, I ain't no time traveler.
So many taxes should be abolished, retirement early withdrawal taxes hit us hard. My Wife worked since 18 for 35 years, retired, but early according to the powers that be. So, you must give us a bunch of your money because... taxes.
All taxes, including the hidden tax of inflation.
Before our Great POTUS or Florida Gov Ron DeSantis ever mentioned a single word about "no income or property taxes", I started telling my fellow Anons here, beginning TWO YEARS ago and with absolute, 'arrogant certainty' that "In the future..." (sooner than you think), "THERE WILL BE NO INCOME OR PROPERTY TAXES in the United States of America."
Well patriots, my words were not in vain!
We are at the precipice of a New Nation; a New World!
"The best is yet to come" is not just a slogan.
It's going to be bigger and better than you can possibly imagine, and I'm very excited to be here (on this timeline, Kek) with you all on the journey! We're almost there!
WWG1WGA!
The only logical reason Treasury Secretary Bessent would be telling Americans to reduce their federal income tax withholdings NOW, and NOT be setting up Americans to get a big fat TAX BILL next year, is if there was a major tax overhaul coming in time for next year's tax season.
I'm not going to get ahead of POTUS, but I'll just say my 'HUNCH' is "This will be the last year of federal income taxes."
Earmark happy Senators just did a Biden in the Pope's office.
In other words the government doesn't need an interest free loan from you and we are working to make it so we don't need any money from you.
This.
Trump just got another 1.3 trillion in oil investments from the EU, and that is just the start.
There is also the weapon bulk purchase which will be huge. 100s of billions or more.
If we cut most of the fraud and waste, at minimum they will be able to cut tax rates....
Given the fraud looks to be between 70% - 90% of the current federal budget (not joking), federal income tax should vanish for everyone and never come back.
The only logical reason is exactly what he said. "I want to encourage everyone out there watching today to change their withholding ... you will get an automatic real wage increase on a weekly or a monthly basis." The major tax overhaul was the BBB.
I think you misunderstood…
High Federal Withholdings from every paycheck make it so that the average person gets a TAX RETURN (refund), instead of a TAX BILL, when they file their taxes.
If everyone (following his advice) drastically reduced their federal withholdings, most people would get a massive TAX BILL (not a 'tax return') when they filed their next taxes.
A massive paradigm shift re: the Fed/IRS/Tax code, etc would reliably mitigate (prevent) that above tax bill.
I hope that clarified what I'm talking about.
I understand how taxes work (thank you). He didn't say to "drastically" reduce your withholding and is certainly not encouraging a "massive" personal tax bill and possible penalties. It's not hard to calculate withholdings to break even at the end of the year and he's giving a common sense reminder to do that. Not everything has to be a thing.
Correct. A big chunk of people did not see any benefit over last year. However, that is a crummy metric to gague sussess.
All the other expenses you mentioned, yes, better metric. Thank Biden and oil baron companies for that. If the price gouging stopped, we'd see record price falls that would stretch across all industries.
We got the numbers Tues. Our tax bill was half of last year's. Hard to argue with that sort of reality.
Good to hear! We dont do tips, and im salaried, not old, so i saw no difference. 🤔
Not complaining, just saying.
We are retired. It was the SS deduction.
How much should I change it Scott?
This would be huge. You’d see an economic boom the likes of post-WWII.
Yeah but if you just don't hold up your end of the bargain to see defund the fraud
How does this mean we're getting closer to having no federal income tax?
Pretend there are people reading who don't understand taxes and finance :)
Taxes are deducted ("withheld") out of your paycheck so that when your yearly taxes are due, (hopefully) enough money was withheld so that the income tax you are liable for come tax season has been covered by those weekly withholdings.
Suppose families that need a few extra dollars in their paycheck took the Treasury Secretary up on his advice, and nothing at all changed with the income tax situation in America, a lot of those people would then be at risk for getting a big fat TAX BILL instead of a TAX RETURN because not enough money was withheld from their paycheck each week to cover their income tax.
In essence, Bessent's advice would likely HARM many families in the medium-long run unless something major was about to change.
But that's not going to happen because a major paradigm shift, of which I've been speaking here for two years consistently, is about to take place.
In a nutshell (a sentence, not wanting to inconvenience you, anon :), what's the major paradigm shift you're referring to? Thx
I don't need to change withholding, as our only income that has it has a super low withholding. I'd rather keep my money in my account drawing interest than let the government use it without interest. Our withholding is just a token amount. I keep what I'll owe in a money market account so I can get more interest.
The idiot commenters on X don't understand the idea of keeping their own money longer in a savings account. The also can't comprehend taxes actually going down or completely away. They are young and don't know how incredibly they are screwed today, compared to over 50 years ago when I was starting out.
Correct. That was the take away from Scott Bessent's message...
And it's also, just by pure coincidence, the exact message I have been conveying here for the last two years, before Trump (or anyone else) ever mentioned it.
Also, just by pure coincidence, I've been repeatedly making Trump/Christ references and innuendos here for the last two years for a very specific reason...
And right on Q, Trump started doing it several months ago.
And Trump will be making more.
What amazes me is why no one here wonders how I knew.
(I'm not the original JT, nor affiliated w/ Q team)
Married 99 then “fuck em” come tax time. MURICA.