I saw this in an article and was wondering if you could set me stratight; if you buy T-bills, notes bonds and savings bonds is that tax deductible?

When you write a check to the Bureau of Public debt that is also tax deductible, correct? Is this why Warren Buffet stated he would give 1 billion dollars to the gov?


"Ease your tax bill, help your country

If you're feeling particularly patriotic, you can help reduce the country's public debt along with your tax bill.

The Treasury regularly borrows money by selling Treasury securities such as T-bills, notes, bonds and savings bonds to the public. This public debt helps raise cash to keep the U.S. government operating. Any contribution you make to reduce the national debt burden is deductible as a charitable contribution on your tax return for the year in which you make it.

You should make the payment as a separate check payable to Bureau of the Public Debt and send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, W.Va. 26106-2188. If you prefer, you can save a stamp and stick the check in your tax return envelope."

Nope.


That's only for contributions (i.e. donations) when you write a check to the Bureau. Buying something like T-bill and bonds don't count. See here.

As for Warren, he's making a donation. And while I have no doubt that he'll take the tax deduction he's entitled to, that's not the reason for the donation. It makes no sense to give $1B away to get back $350M in taxes. That's a $650M loss. He's making the contribution because he believes that it's the right thing to do.

Just because I feel like being a contrarian today... I recently read the Warren's company Berkshire Hathaway owes about $1 Billion in back taxes. Think the two are related?

As far as donating to the government, well, I'd be more inclined if they showed they could spend the money more responsibly. Warren's donation is just giving more crack to an addict.

Since when is the Treasury a tax-deductible organization?

Kicking in a little extra to help pay down the national debt is not a tax-deductible donation. Regardless, it appears that only two people in this entire country are doing just that, so it's hardly worth talking about.

Yup. Just watched something about the Grand Coulee Dam. It was partially a big "New Deal" project largely seen as a boondoggle to create jobs. They mentioned that Roosevelt, the Great Socialist that spent wildly to get the country out of the great depression, almost balanced the federal budget by his second term in spite of all the spending!

These guys today are just plain incompetent slimeballs.