Giving 'Til It Hurts

Submitted by Chris Gaetano on Wed, 11/11/2009 - 12:20

As the financially astute are no doubt aware, the U.S. has quite a bit of debt, in the same way that the Pacific Ocean has quite a bit of water. While we’re nowhere near the levels of, say, Japan, which has the largest public debt on Earth, the amount of money the U.S. owes to its global neighbors has left some feeling rather worried and, perhaps, rather helpless as well.

But did you know that you (yes YOU) can help?

CNNMoney reports that “Under a little-known law enacted in 1961, Uncle Sam accepts tax-deductible contributions to pay down the country's debt.” Incredulous CPAs can look at an FAQ on this subject maintained by the Treasury Department or simply look at page 91 of these Form 1040 instructions. According to the article, the largest donation to our national debt was a gift of $3.5 million in 1992. Which was probably cancelled out by interest within a few hours.

So, who wants to be next? Any takers? Anyone?

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