Advertisement
Politics

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.

Advertisement - Article continues below

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.

Follow me on Twitter

Advertisement
Advertisement

Most Popular

Medicare Basics: 11 Things You Need to Know
Medicare

Medicare Basics: 11 Things You Need to Know

There's Medicare Part A, Part B, Part D, medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare --…
September 16, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
September 18, 2020
5 Unfortunate Estate Planning Myths You Probably Believe
estate planning

5 Unfortunate Estate Planning Myths You Probably Believe

These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to b…
September 17, 2020

Recommended

10 Things You'll Spend More on in Retirement
retirement

10 Things You'll Spend More on in Retirement

From reading materials to debt, the demands on your savings during your golden years might surprise you.
September 16, 2020
How to Catch a Rock-Bottom Rate
Buying & Leasing a Car

How to Catch a Rock-Bottom Rate

Rates on everything from home mortgages to car loans are at record lows. We’ll tell you how to qualify for the best rates.
August 27, 2020
Give Your Credit a Boost
Coronavirus and Your Money

Give Your Credit a Boost

When times get tough, your credit profile could take a hit. Here’s how to keep it in shape.
August 27, 2020
The Five Top Consumer Complaints
Smart Buying

The Five Top Consumer Complaints

Here are the top five complaints from a survey of state and local agencies from 19 states.
August 27, 2020