IRS donations do little to cut national debt

SHARE IRS donations do little to cut national debt

Do you check that box at the end of your tax form to donate extra money to pay down our astounding national debt? Surprisingly, people do — but it has a minimal impact.

In reality, it’s like paying an extra dollars on a six-figure credit card bill every month and thinking you’re making a real difference.

RELATED: Americans think most in Congress don’t pay their taxes in full, poll shows

So far in fiscal year 2014, the IRS has collected $2.7 million in donations — to go toward a $17.5 trillion national debt.

Here’s a closer look at the year-by-year numbers:

In 2012, Americans were feeling extra generous and donated a record $7.7 million.

How long would it take to pay off the national debt if that amount was donated every year? Thankfully, the Wall Street Journal has already done the math. And it comes out to 2.3 million years.

Via Wall Street Journal

The Latest
The high-pitched ringing noise emanates day and night from a small box on the roof of a vacant building at 2380 S. Halsted, an area where migrants frequently gather. The building owners couldn’t be reached.
They make nine schools renamed since a Chicago Sun-Times investigation found 30 schools were named for slaveholders, and schools named after white people — mostly men — vastly outnumbered those named for African Americans, Latinos and indigenous people.
Critic calls City Hall decision “extremely alarming” as temperatures are expected to exceed 90 degrees again.
Also known for championing women and people of color in the industry, the artist will play major local festivals this summer.