The Daily Money: What does the national debt mean for you?

The U.S. government's national debt recently topped $34 trillion, a new record. But that's the nation's problem, not yours, right?

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Wed Jan 17 2024 Daniel de Visé | Personal Finance Reporter Good morning! It's 13 degrees outside, just north of the nation's capital, which means it must be January. This is Daniel de Visé with your Daily Money. The U.S. government's national debt recently topped $34 trillion, a new record. But that's the nation's problem, not yours, right? The nation's borrowing has been a source of tension among politicians, Bailey Schulz reports, with lawmakers  narrowly avoiding a default last year through a debt ceiling deal. Neither side of the aisle was completely happy with the agreement; conservative members had been advocating for deeper cuts, while liberals objected to such components as expanded work requirements for food stamps and future spending caps. Economists don't agree on how worrisome the debt levels are today, but studies show an increasing number of Americans believe it needs to be addressed as federal spending consistently outpaces its revenue. 'Work from anywhere' could have a downside at tax time. Michael Burrell, Getty Images/iStockphoto 'Work from anywhere' has a downside at tax time Wifi, laptops and mobile phones have made work from anywhere a reality for many of us, Medora Lee reports. But working while moving from state to state could also cause a tax headache.  If you work in a different state from where you live, you may have to file more than one state income tax return. Every state has different rules, but they generally require you to pay taxes and file a return if you're a resident or a nonresident earning income in the state. That is, unless the state has a reciprocity agreement with your home state or doesn't levy an income tax. You may also be required to file a tax return in your employer's state.  State taxes can be complicated, so before heading out to fulfill your wanderlust or escape wintry weather, understand what may be in store for you, come tax season.  📰 More stories you shouldn't miss 📰 ID, please: Costco testing scanners at entrances to keep non-members out More tax news: New bipartisan bill proposes increase in child tax credit, higher business deductions Adieu, Drizly: Uber shutting down alcohol delivery app Drizly after buying it for $1.1 billion A paper push: Aldi eliminates plastic shopping bags in all 2,300 US grocery stores About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. How much is the national debt? What the record $34T means for you. The U.S. government's gross national debt has surpassed $34 trillion, a new record. But how worried should you be about the country's borrowing? READ MORE Advertisement That wanderlust could cost you in state taxes. Here's what to know. Wifi, laptops and mobile phones have made work from anywhere a reality for many of us. But that could also cause a tax headache. READ MORE Tesla owners say batteries won't charge amid brutally cold temps One Tesla owner said he saw at least 10 cars get towed from a charging station after running out of battery and dying. READ MORE Shoppers will no longer have the opportunity to buy plastic bags at Aldi Aldi has decided to discontinue the sale of plastic shopping bags at all of its more than 2,300 grocery stores across the United States. READ MORE How to keep your car running during extreme cold The engine only needs about the time it takes you to fasten your seat belt to ensure lubricating oil makes its way across the engine's vital parts. READ MORE Google layoffs continue: Company cuts hundreds of jobs in ad sales team Google is eliminating a "few hundred roles" in its advertising sales team, the tech giant confirmed to USA TODAY Tuesday. READ MORE The child tax credit would be expanded under a tax deal. How it works. A bipartisan tax deal aims to expand the child tax credit and restore business deductions for tax year 2023. But it still needs to get passed. READ MORE Forecasters feel good about the economy. Are they too confident? Recession signals still worry economists despite growing confidence in a soft landing in 2024. For example, hiring in manufacturing fell last month. READ MORE A dozen states still tax Social Security. Do you live in one of them? Which states tax Social Security? Most states don't tax Social Security but some do. Here's which ones they are, and how they might do it. READ MORE States that do and don't require a tax return and other things to know Most states require you file a tax return if you're a resident of the state or earned income there. Here's what you need to know. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback