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I've been wondering how to "Go Galt" and still survive. Most of us aren't independently wealthy and can't just drop out the workforce.
Most of these suggestions center on avoiding sales taxes. Those taxes are generally state and local. Don't most of us pay federal taxes by way of income tax?
What are some ways (short of the unrealistic option of quitting our jobs or otherwise reducing our income) to starve the government on the federal level?
I’m debating increasing my pretax contributions to retirement. I know the investments will likely be dropping over the next 4 years, but it should decrease my taxable income. That is if I am not mistaken in my thinking.
Another one from FReeper Mad Dawgg (via bolobaby):
“One of the best ways I’ve found to “starve the Beast” is to “legally” lower the amount the Gub’ment withholds from your paycheck.
Just take the maximum allowable deductions. Yes, it may mean you have to “pay” come tax time BUT if just 10% of the people who receive paychecks would do this it would put a severe crimp on the Washington “looter’s” cash flow! Just stash the extra cash somewhere and come tax time if you need it to pay Uncle Obama well then you have it.”
http://www.freerepublic.com/focus/f-bloggers/2956374/posts
bump
Practical advice.
emailed and noted
THANKS
I think we need to try and quantify some potential impact we can make on the beast by going Galt. I’ve added up at least $7,800 in spending that I can easily chop out. (I’ve already acted on things like work-forced charity, gym membership, cable etc...) I can probably come up with more with a more careful look at food spending and other entertainment items.
Obviously small business owners and the like can make a much bigger impact, but even in my small case 60 million * $7,800 = $468 billion annual impact on the economy. Now I’m wondering if there would be a mulitplier to this effect?
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Why? Use the money now and deny Washington its use for a year. put it in the bank or pay down a debt. It won't change your overall tax burden. If you owe taxes you'll just pay them on April 15th instead of early. If not you get to keep your money without giving Uncle Sam an interest free loan.
Reload your ammo.
Reload your ammo.
please add me to your list