Horseshit.
If I'm not going to have a tax liability this year, I don't have to allow withholding this year. Last year's tax liability is irrelevant to the issue. There is nothing in the tax code that requires me to loan money to the IRS that I know they will just have to return to me later.
The reason not to do this is the additional penalty they will assess if my tax liability this year isn't actually zero.