http://www.fcablog.org.uk/2010/02/goodbye-paye/ Christie Malry's own double-entry Wed, 22 Feb 2012 23:52:08 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.fcablog.org.uk/2010/02/goodbye-paye/comment-page-1/#comment-14 Christie Malry Sat, 20 Feb 2010 11:11:57 +0000 http://www.fcablog.org.uk/?p=414#comment-14 My understanding was that the US system isn't true PAYE, though, in that the taxpayer elects for a certain number of 'deductions' which reduce the amount of tax payable during the year. But the taxpayer still needs to file a tax return at the end of the year to pay any net amount due or reclaim any overpayment. Theirs is more of a payments-on-account system. My understanding was that the US system isn't true PAYE, though, in that the taxpayer elects for a certain number of 'deductions' which reduce the amount of tax payable during the year. But the taxpayer still needs to file a tax return at the end of the year to pay any net amount due or reclaim any overpayment. Theirs is more of a payments-on-account system.

]]> http://www.fcablog.org.uk/2010/02/goodbye-paye/comment-page-1/#comment-13 Tim Worstall Sat, 20 Feb 2010 11:06:38 +0000 http://www.fcablog.org.uk/?p=414#comment-13 Well, the US has just such a system. Introduced during WWII as here. Formulated by Milton Friedman and he called it his greatest mistake. By witholding tax from paycheques it enabled tax rates to be higher he thought. Well, the US has just such a system. Introduced during WWII as here. Formulated by Milton Friedman and he called it his greatest mistake. By witholding tax from paycheques it enabled tax rates to be higher he thought.

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