billvon 3,116 #1 July 29, 2011 >If I overnighted the government a cashiers check for my 'share' of the deficit can I >not pay taxes anymore? $126,000? Probably better to invest that and pay your taxes with the interest for most people. If you make a lot it might work to your benefit to pay it one lump sum though. Here's a related question - can you create a tax free investment account if the profits from that account are slated towards paying income taxes only? Quote Share this post Link to post Share on other sites
kelpdiver 2 #2 July 29, 2011 Quote Here's a related question - can you create a tax free investment account if the profits from that account are slated towards paying income taxes only? you can use a Roth IRA or 401k for any purpose you want. But it's hard to build it large enough for that purpose. Quote Share this post Link to post Share on other sites
kelpdiver 2 #3 July 29, 2011 QuoteSo, I'm curious. If I overnighted the government a cashiers check for my 'share' of the deficit can I not pay taxes anymore? The thought has intriguing possibilities..... first, it's DEBT, not deficit. And paying the interest is still a pretty small share of the annual spending (11%?), much less than our deficit spending each year. So even if you "paid out" for the debt, we're still running enough red ink that your current tax bill isn't covering your share for this year's spending. Quote Share this post Link to post Share on other sites
captain_stan 0 #4 July 30, 2011 QuoteIf I overnighted the government a cashiers check for my 'share' of the deficit [maybe you mean debt] can I not pay taxes anymore? No, but helping to pay down the debt will enable our government to borrow still more and raise the balance back up again like any other revolving line of credit. But not to worry--the economy is gonna come roaring back like it always has, and the next generation of Americans will be brilliant enough to solve any problems we can create (or so I'm told). Quote Share this post Link to post Share on other sites
Amazon 7 #5 July 30, 2011 QuoteQuoteIf I overnighted the government a cashiers check for my 'share' of the deficit [maybe you mean debt] can I not pay taxes anymore? No, but helping to pay down the debt will enable our government to borrow still more and raise the balance back up again like any other revolving line of credit. But not to worry--the economy is gonna come roaring back like it always has, and the next generation of Americans will be brilliant enough to solve any problems we can create (or so I'm told). The morons who created the bulk of the debt did not plan on paying back the debt.... they were betting on being raptured outta here... I guess you did not get the memo's Quote Share this post Link to post Share on other sites
