John Legend, a famous singer I’ve never heard of, recently sang at the White House. While there, he said that he didn’t want his tax cut. Legend joins other millionaires like Warren Buffett (whose annual letter is due out tomorrow) saying they want to pay more tax.
Well, let’s give Legend and Buffett two options:
- Give to a charity you feel addresses weaknesses caused by tax cuts
- Give to the government to pay off the national debt
Option 1 is certainly more flexible, and one I am a huge proponent of. While liberals complain that the poor will go hungry, people won’t go to college, etc. because of tax cuts, these same liberals can contribute their tax savings to organizations that help feed the poor, provide scholarships, and whatnot.
Option 2 allows you to contribute your tax cut savings back to the government. One can visit Pay.gov and contribute directly to the Bureau of Public Debt. According to Reuters, as much as $3 million is given to the Bureau annually. Of course, that amount is a drop in the bucket compared to the $14 trillion in issued debt. Contributions to the Bureau are deductible from your individual taxes, so make sure you gross up how much you really want to give to give you maximum benefit to the government.
So please, Mr. Legend, if you’re feeling guilty, there are plenty of areas more efficient than the government to give your tax cut. Or, you are welcome to send your check in care of the Landon Estay Needs Money Fund.