Tuesday, November 22, 2011
THE BUFFETT SOLUTION
In his post “Patriotic Millionaires: A Buffet Line of Wealth Tax Raisers” at TICK MARKS Dan Meyer tells us that –
“A group called the Patriotic Millionaires visited Washington recently to lobby for an increase in the tax rates for high-income Americans.”
How many time must I say it – if certain millionaires, probably guilty about the source of their wealth, want to pay more to the federal, or state, government they can always make a contribution.
“Gift Contributions to Reduce Debt Held by the Public” at TREASURY DIRECT states –
“The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the public.”
This webpage records that the total gifts received for Fiscal Year 2011 (the months of October 2010 through September 2011) was $3,277,369.23.
There are two ways for you to make a contribution to reduce the debt:
• You can make a contribution online either by credit card, checking or savings account at Pay.gov, or
• You can write a check payable to the Bureau of the Public Debt, and in the memo section, notate that it's a Gift to reduce the Debt Held by the Public. Mail your check to:
Attn Dept G
Bureau of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188
And such a payment is tax deductible as a charitable contribution on Schedule A!
In the chart “Examples of Charitable Contributions—A Quick Check” from IRS Publication 526 (Charitable Contributions) it tells us that included in “deductible as charitable contributions” is money or property you give to “Federal, state, and local governments, if your contribution is solely for public purposes )for example, a gift to reduce the public debt).”
So, Warren et al, get out your checkbook.