I read an interesting article at CNNMoney.com today of how you can do your part with paying down the country's giant debt load of $12 trillion and rising. But forget that, you can get more for your money by donating to The Debt Free Advocate.
In case you didn't know, if you are irked by the U.S. debt, you can make tax deductible contributions to pay it down (as if paying taxes wasn't enough).
So far for the year Americans have made $3.1 million in donations. Something I never knew existed is a little known law that was enacted in 1961 allowing Uncle Sam to accept tax-deductible contributions to pay down the country's debt.
Contributions are usually small, usually under $100. But according to the report there have been a few humdingers over the years.
The largest single gift ever made was in 1992 for $3.5 million.
Would you give?
CNNMoney.com took a poll on the streets of New York asking random passer by if they were aware of the program. One woman put it: "They use my tax dollars to do that and work it out." On man was a little more blunt. "Hell no. Hell no." Another figured he could "help the government out" with a few hundred bucks.
It will take more than a few $100 dollar contributions to pay off the national debt of $12 trillion--120 billion of them to be exact.
If anyone would like to contribute $3.5 million or any amount for that matter to support financial education: we'll gladly take it.
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