The nation’s $16 trillion-plus debt has some Americans so worried that they’ve donated nearly $8 million – outside of federal taxes - to help pay it off.
Yes, it’s less than a drop in the bucket, but every little bit helps, according to the Bureau of the Public Debt, which annually accepts such “gifts.” The donations have been going up since the 2008 federal fiscal year, when Americans donated $2.1 million. Last year, $3.2 million was donated, but this year the donations more than doubled to $7.7 million.
According to a CNN report, the first contribution to the national debt was in 1961 when an anonymous estate left Uncle Sam $20 million. A law was passed to accept the money and donations have trickled in ever since. The bureau says $85 million has been donated so far.
Here’s a link to the public debt just in case you want to keep track of it.
And just in case you’re in a giving mood, Uncle Sam wants you to know you can make checks payable to the Bureau of the Public Debt and please note that it’s “a Gift to reduce the Debt Held by the Public.”
Are you in that much of a giving mood this holiday season? Should a check box be added to tax returns for such gifts?