US 3% witholding tax?
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Thread: US 3% witholding tax?

  1. #1
    Senior Member nihil's Avatar
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    US 3% witholding tax?

    This is interesting. The US government witholding 3% tax from contractors:

    http://www.siaonline.org/government/witholding.cfm

    http://www.withholdingrelief.org/portal/gwrc/default

    What amazes me is the DoD claiming that it will cost them $17billion to implement

  2. #2
    Dissident 4dm1n brokencrow's Avatar
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    I don't know what the problem is, nihil.

    It seems altogether compliant with the Law of Unintended Consequences.

    “Everybody is ignorant, only on different subjects.” — Will Rogers

  3. #3
    Senior Member nihil's Avatar
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    It seems altogether compliant with the Law of Unintended Consequences.


    It's not the 3% it's the additional cost of collection. Collection costs depend on number of transactions and accounting complexity, not on the actual value of the transactions.

  4. #4
    AO's MMA Fanatic! Computernerd22's Avatar
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    nihil, like what it is yo? Theirs good news us AMERICANS get an additional 600 bucks back, this year. Thats becuase we are phucking gangsta. Dude when you comming to the states?

  5. #5
    Senior Member nihil's Avatar
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    Hi CN22,

    The idea of that is to stimulate the economy............. whose? .........China's?

    My concerns regarding the 3% witholding tax are:

    1. It is completely new and there is no mechanism to administer it. That will be costly to set up.

    2. As it only applies to people contracting to the U.S. government, who will face these costs? You got it................ the U.S. taxpayer

    Thats because we are phucking gangsta.
    You must be referring to people operating in the sub-prime loans market before it collapsed. Lend money to people who cannot afford to repay it at rates they cannot afford either......... way to go? But I totally agree, loan sharks are gangstas

    Taxation is like IT, it should be left to professionals.

  6. #6
    Disgruntled Postal Worker fourdc's Avatar
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    Nihil,

    >>What amazes me is the DoD claiming that it will cost them $17billion to implement<<

    These are the same people who pay $600 for toilet seats and developed the SR71 Blackbird with no budget. It makes me wonder what the $17B is really funding, rebuilding the Officer's Club in the green zone?
    ddddc

    "Somehow saying I told you so just doesn't cover it" Will Smith in I, Robot

  7. #7
    Just a Virtualized Geek MrLinus's Avatar
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    This will probably eat up all the "savings" incurred by the change in the time adjustments.
    Goodbye, Mittens (1992-2008). My pillow will be cold without your purring beside my head
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