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.
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