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.

Advertisement
Advertisement - Article continues below

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

Most Popular

Chiropractor Trying to Get Business the Wrong Way – Illegally
careers

Chiropractor Trying to Get Business the Wrong Way – Illegally

A new chiropractor’s fledgling business plan to attract patients may sound reasonable at first look, but it’s actually against the law, and the same p…
June 30, 2020
What Are the Income Tax Brackets for 2020 vs. 2019?
tax brackets

What Are the Income Tax Brackets for 2020 vs. 2019?

The IRS unveiled the 2020 tax brackets, and it's never too early to start planning to minimize your future tax bill.
June 20, 2020
13 Luxury Goods That Are Cheaper at Costco
spending

13 Luxury Goods That Are Cheaper at Costco

You could be missing out on huge savings: Costco sells a limited selection of luxury goods at discounted prices, both in-store and online.
June 27, 2020

Recommended

Banks Canceling Credit Cards, Cutting Limits
credit & debt

Banks Canceling Credit Cards, Cutting Limits

If you haven’t used a card in awhile, make a small purchase with it to keep it open. It’s good for your credit score.
June 4, 2020
Milliennials Face Their Second Recession
credit & debt

Milliennials Face Their Second Recession

Forty percent of millennials say the pandemic will likely cause them to delay payments on their debts. Does that include you? Time to take action.
June 4, 2020
When Savings Bonds Make Sense
credit & debt

When Savings Bonds Make Sense

Series I savings bonds are safe options, but don’t go all in.
June 3, 2020
Which Rewards Credit Card Is Right for You?
credit & debt

Which Rewards Credit Card Is Right for You?

Kiplinger's contributing editor Lisa Gerstner joins our hosts Ryan Ermey and Sandy Block to chat about the best rewards credit card picks for every ty…
May 18, 2020