You can now send the U.S. government money through Venmo to help pay off the national debt. And if that sounds ridiculous to you, you’re not alone. Personal finance personality Dave Ramsey and co-host Ken Coleman tore into the idea on a recent episode of “The Ramsey Show,” mocking the federal government’s latest attempt to invite voluntary donations.
Ramsey And Coleman Call It Nonsensical
The discussion started with a listener question referencing a Newsweek article that confirmed the U.S. Treasury now accepts Venmo and PayPal as official payment options for citizens who want to voluntarily contribute toward the national debt, which is currently hovering around $37 trillion.
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“Are you kidding me?” Coleman said. “The government came up with this idea that we're going to Venmo my money when they already tax me too much.”
Coleman compared his reaction to a scene from the movie “Legends of the Fall”, where Anthony Hopkins’ character angrily refuses a government offer. “That’s my answer,” Coleman said, laughing. “Screw ’em.”
Ramsey was equally frank. “I think it's wonderful because there's always some idiot out there who says, ‘Everyone should pay their fair share, and I'd be willing to pay more,'” he said. “Well, you can; just send them a check, you doofus.”
Ramsey said that nearly half of Americans don't pay federal income taxes, while the rest shoulder the full load. “49% of Americans pay zero federal income tax,” he said. “51% of us carry the whole thing. So please don't talk to me about fair share ever again.”
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He added, “If you're the type of person that believes this is a good idea, I think you should do it.” Coleman added, If you're that stupid, then you shouldn't have any money anyway.”
While the Treasury accepts donations via Pay.gov, and now Venmo and PayPal, actual contributions remain tiny in the grand scheme. Newsweek reported that in fiscal year 2022, Americans voluntarily gave just $180,310.32 to help reduce the national debt.
Coleman joked that the idea was so frustrating, he might need the rest of the day off. “This is the same organization that ran up the debt to $36 trillion and is steaming toward $40 trillion,” Coleman said. “It’s the most nonsensical [thing].”
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The pair also touched on the broader issue of tax fairness. Ramsey reiterated his long-time support for a flat tax. “Everybody ought to be paying something,” he said. “I don't care if you make $5 and you pay a nickel.”
“The way it is now is not fair. It's not equitable,” he added. “But if you want to voluntarily pay more, go right ahead.”
But as Ramsey and Coleman made clear, they don't think anyone with “common sense” should be jumping at the opportunity.
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