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.
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.