The Daily Money: What does the national debt mean for you?
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' 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.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.