Smart Idea of the Week: National Deficit Contribution Fund

As I was recovering from a fun Thursday night I laid on my sofa watching CNN and the coverage from Obama's press conference on economic issues. While there sort of half sleeping through what seemed like the 20th replay of the press conference it dawned on me...

We have the largest deficit ever, and taxes are inevitable going to go up. People will be looking for ways to decrease taxable income as much as possible in order to save dough. This year I am actually in a crappy position when it comes to taxes, but it is what it is. There are ways to reduce taxable income, but it all has caps and limits. This is where my idea comes in.

The government needs to create a National Deficit Contribution Funds. 100% of the monies donated to the fund are directly applied to the national deficit, and the dollars that individuals contribute are deducted from their taxable income. So, the government still gets money anyway and individuals are able to save in tax dollars.

Yes, you can donate to charities to achieve the same effect (to some extent), but isn't the stability of our country's economy a pretty worthy cause?

There are surely some flaws, but I thought this might be worthy of conversation.