The Motley Fool Discussion Boards

Previous Page

Personal Finances / Living Below Your Means


Subject:  Re: Not everyone gets a tax rebate Date:  6/13/2001  12:07 PM
Author:  oceanbeach Number:  153475 of 910561

"How do you make money and still pay nothing in payroll taxes? I want in on this!"

You can renounce your SS#. Write to the government and say that you didn't know what it signified and you want to be taken of the Social Security rolls. That's perfectly legal, and you'd become exempt from payroll taxes because you wouldn't be entitled to any of the future benefits that they supposedly fund. Not many people know that you can do that, but IMO the 6.5% of your pay you'd save is not worth the potential trouble you can get in.

However, if you do renounce your SS#, it's an advertisement to the government that you are not a team player. That's an easy way to get onto those lists that little offices like the FBI and IRS keep of people to watch. Not many people do renounce their SS#, so the few that do attract a lot of attention from people I'd rather not rile. Plus, you wouldn't be eligible for SS disability and other such programs.

My advice is to keep paying the payroll taxes and pray that you'll be able to receive a few pennies on the dollar when you retire.

Who knows you were kidding but answered anyway

Wow! Thanks, Benevolent! That is interesting! I think you are probably right that this would attract too much attention, but it is interesting that it is a part of the system. How did you find out about this? Where do I look for information?

Since I am conservative with the IRS I have stayed out of their sights for many years now and I think I would like to stay that way.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us