Lago Vista Independent School District (LVISD)

 

Saving, Investing, and Personal Finance – Pay More In Taxes!

 

Pay More In Taxes!

Recently, my oldest daughter, some guests, and I, were discussing taxes here in the U.S. My position was that we should pay what we owe, and then use the tools of personal finance to assist ourselves in saving and investing. This would help us to improve our own lot in life, and to reduce our dependencies on others, including the government.

Then my daughter asked me "But, what about all those rich people who want to pay more in taxes?"

I said, "Did you know people are free to pay the U.S. Government as much additional money as they wish? There is no upper limit, and they can pay it now. They don't need a new law."

Jaws dropped. My daughters, and the other guests at the table, appeared shocked to learn those rich people, or anyone else, were already able to donate to their heart's content, today.

Anyone can contribute, right now, on the web, free of charge, any amount they wish direct to the U.S. Treasury. All money is deposited into the account "Gifts to Reduce the Public Debt."

The official U.S. Treasury web form accepts either checking account, or credit card.

It gets better! People are not limited to checking or credit card donations! According to the U.S. Treasury web form "Your contribution is accepted under the provisions of 31 U.S.C. 3113 which authorizes the Secretary of the Treasury to accept conditional gifts to the United States for the purpose of reducing the public debt." According to 31 U.S.C. 3113, one is free to contribute gifts of intangible personal property, and tangible property, "made only on the condition that it be sold and the proceeds from the sale be used to reduce the public debt."

Common examples of intangible personal property are items such as cash, securities, negotiable instruments, insurance, intellectual property, and patents. Common examples of tangible personal property are items such as art, jewelry, equipment, and furniture. As you can see, in addition to using a check or credit card on the web, there are many possibilities for anyone inclined to contribute.

The next time someone says they think people should pay more taxes, why not ask them what are they personally doing? Then give them the information they need to contribute as much as they wish. What do you think?

To contribute simply click "Gifts to Reduce the Public Debt" on the official U.S. Treasury website here:

http://www.treasury.gov/services/Pages/Treasury-Payments.aspx

The provisions of 31 U.S.C. 3113 which authorizes the Secretary of the Treasury to accept conditional gifts to the United States for the purpose of reducing the public debt are on the official Government Printing Office website here (GPO):

http://www.gpo.gov/fdsys/pkg/USCODE-2008-title31/html/USCODE-2008-title31-subtitleIII-chap31-subchapI-sec3113.htm

This is not a scam. Both of the links above are to the official U.S. "dot gov" websites, one is to the U.S. Treasury, and the other is to the U.S. Government Printing Office (GPO).

You might be wondering why anyone would want to pay more taxes, as would I, but that's not the issue. If someone wants to pay more, there is absolutely nothing stopping them. In fact, making a contribution is very easy. People are free to contribute to their heart's content.

I maintain it is far smarter to keep more of what you earn, and to use your intelligence to be resourceful with what you already have. Then, you can build on what you have by using the tools of saving, investing, and personal finance to improve your own personal situation, and to reduce your dependency on others, including government. You have a choice, you can decide to make others rich through your spending, or you can make yourself rich through saving and investing.

But, if you want to pay more, or know someone who wants to pay more, now you know how to do so.

 

 


Individual Initiative is not an investment service. The information provided is intended to assist you by providing one of many sets of ideas about savings, investing, and personal finance. You should consult many resources to gather many ideas, then use only the ones that you believe will work best for your specific situation. This website contains a comment area. Comments made are those of the contributor and may not reflect the views of Individual Initiative. All investments include risk, including loss of principal. You should be certain you understand both the risks and benefits of any investment or investment strategy before investing.