Make a Donation to Uncle Sam
You (or Warren Buffett) can give to the government to help pay off public debt.
Investing superstar Warren Buffett got a lot of people talking (and Twitterers tweeting) with his recent New York Times op-ed column, “Stop Coddling the Super-Rich.”
In it, he proposes that tax policies regarding 99.7% of the population go untouched -- holding in place the two-percentage-point reduction in the payroll withholding tax (see VIDEO: Social Security Payroll Tax Cut in 2011). But, to increase the country's revenues, he recommends raising rates immediately on taxable income above $1 million, including dividends and capital gains. And he suggests kicking rates even further up on those relatively few folks who make above $10 million, including himself.
Buffett writes: “I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.”
Give to the Government Now
Good news, Mr. Buffett: You, your super-rich friends, and anyone hoping to make a donation to our nation need not wait for tax reform to take place. The government’s coffers are already open and accepting your monetary kindness. In the past 15 years, the Bureau of Public Debt, a unit of the Treasury Department, has received nearly $28 million in gift contributions -- a drop in the bucket compared to the country’s $14 trillion (and growing) deficit problem, but a generous amount nonetheless. So far, in 2011, $2,035,350 has been given to the bureau.
If you’re interested in helping to alleviate Uncle Sam’s debt load one small donation at a time, you may do so online at Pay.gov. Or write a check payable to the Bureau of Public Debt, with “gift to reduce the Debt Held by the Public” in the memo section, and mail it to:
Attn Dept G Bureau of the Public Debt P.O. Box 2188 Parkersburg, WV 26106-2188
Ironically, your donation would be tax-deductible, if you itemize.