- Days left

In 1980, Seymour Durst began sending holiday cards to senators and representatives reading "Happy New Year. Your share of the national debt is $35,000." A bit of an exaggeration at the time, but his point was well made. In 1989 Artkraft Strauss took this idea a step further and erected the National Debt Clock on the Avenue of the Americas in New York. At the time, the national debt was a mere $2.7 trillion dollars.

The clock was actually disabled for a couple of years starting in 2000, as the national debt was shrinking and the clock was unable to run backwards. Sadly, it was plugged back in July of 2002 as the debt once again began to climb. Now, reminiscent of the 2000 debacle created because programmers couldn't imagine the next millennium, the clock has required an upgrade. To add a digit.

Yes, we've now exceeded the $10 trillion mark in public debt. Over $33,333 for every man, woman and child in the country. The digits are flying by faster than those on the gas pump gauge.

But wait, there's more. According to a recent article in the Economist, when we add in the present-day value of foreseeable Social Security and Medicare shortfalls, our national debt is more like $70 trillion. Perhaps they should have added a couple of more digits, just in case.

Increase your money and finance knowledge from home

Goal Setting

Want to succeed? Then you need goals!

View Course »

What is Inflation?

Why do prices go up?

View Course »

TurboTax Articles

Video: Tax Guidelines About Gifting

Note: Some of the content of this video applies only to taxes prepared prior to 2012. It is included here for reference only. Find out the tax guidelines about gifting with help from TurboTax in this video on tax tips.

Video: What are Income Tax Rates?

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Income tax rates change depending on both the amount of money you make and how you made it. Find out about income tax rates with help from TurboTax in this video on tax tips.

Video: How To Reduce Errors on Your Tax Return

Did you know that errors on your tax return can affect the amount of your tax bill and the amount of time it takes to get a refund? Fortunately, TurboTax helps you avoid errors AND be sure you're getting all the tax deductions and credits you deserve.

Does Your Company Need to File Form 1095-B?

A company is responsible for filing IRS Form 1095-B only if two conditions apply: It offers health coverage to its employees, and it is "self-insured." This means that the company itself pays its employees' medical bills, rather than an insurance company. A company that doesn't meet both conditions won't have to deal with Form 1095-B. Its employees might still receive a 1095-B, but from their insurer, not the employer.

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Add a Comment

*0 / 3000 Character Maximum