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Monday, April 3, 2023

The Daily Money: Overwhelmed state unemployment systems, Mexico vet tourism

The Daily Money: State unemployment systems are overwhelmed, so people are waiting longer for checks; Mexico is now a popular vet tourism destination
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Apr 3 2023
 

Amritpal Kaur Sandhu-Longoria |  Investigative Reporter, Consumer Watchdog

@AmritpalKSL

Happy Monday everyone. This is Amritpal Kaur Sandhu-Longoria with The Daily Money headlines.

Still waiting for that unemployment check? USA TODAY has the numbers so you can see just how behind your state is on claims. 

The U.S. Department of Labor requires states to get checks out to consumers within 14 or 21 days to meet performance standards but states have been slower to pays claims since the pandemic. 

Elijah Johnson of Reno, Nevada, has been waiting for help from the state's insurance system since October.

The 26-year-old father is worried about feeding his 7-month-old daughter as he waits on the state to approve and deposit $4,500 worth of unemployment checks into his bank account.

"Am I going to eat tonight? Or am I going to have food? Am I going to be able to provide for my daughter? Honestly, it's extremely stressful," Johnson said.

More Americans head to Mexico for affordable for pet care

Medical tourism isn't just for humans anymore. Pet owners are saving money and waiting less by heading to Mexico for veterinary care. Data from SENASICA, the Mexican agency that inspects pets entering the country, has found that more than 33,500 American pets entered the country, a 68% increase from 2019.

One San Diego resident said she paid $300 for her dog's dental work in Mexico after she was quoted $2,000 in the U.S.

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Texas woman uses 'cash stuffing' and stimulus check to pay off nearly $80,000 in debt: Instead of a card, organize cash into envelopes and spending categories.

Customers accuse 'Monkey Feet' baby shoe company of rip-offs: The company developed a fanbase, but never fulfilled orders and failed to issue refunds. 

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Chick-fil-A reverses course on controversial decision to pull Side Salad, says it's 'here to stay': After widespread consumer complaints, the company listened.

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.

Follow Amritpal on Twitter: @AmritpalKSL
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Tax day in the U.S. just passed, and if you feel like you are working a large part of your life just to pay taxes, the statistics bear you out. And in some states, that burden is greater than others. To identify how much tax people pay in their lifetime in every state, 24/7 Wall St. reviewed Life of Tax: What Americans Will Pay in Taxes Over a Lifetime published by loans and credit builder Self. The report shows average lifetime earnings and taxes compiled from wage data from the Bureau of Labor Statistics Consumer Expenditure Report for the year 2020 and several other sources. States are listed alphabetically. ( See also the most tax friendly states for the rich .) According to Self., Americans will pay on average $480,407 in taxes during their lifetime, or 34.49% of their earnings. Self. calculated the figures by adding federal and state lifetime income taxes as well as sales, property, and automotive taxes. Total lifetime taxes were then compared against lifetime earnings based on figures from the American Community Survey conducted by the Census Bureau, plus 3.9% inflation, and multiplied by a working lifetime of 36 years. Residents in 34 states will pay less than what the average American will shell out over his or her lifetime. The lowest is Tennessee at $284,624. Taxes on earnings are the biggest hit on taxpayers, with Americans paying $255,364, on average, in income taxes in a lifetime. Tax on property is next at $174,251, and that is above the property price and maintenance. ( These are the states with the highest and lowest property taxes .) As you might expect, residents in Northeastern states pay the most over a lifetime, and New Jersey is by far the highest. Residents in the Garden State will pay $1,035,725 in taxes, on average, in a lifetime. New Jersey residents will pay 61.84% of their earnings to taxes over their lifetimes, one of six states where residents pay more than 50% of their earnings in total taxes. New Jersey residents also pay the highest effective rate on owner-occupied property at 2.13%, according to the Tax Foundation. The other top states or districts in lifetime tax payments are Connecticut ($869,664), the District of Columbia (869,419), Massachusetts ($859,592), and New York ($793,590).
 

What is a federal tax credit? Here's what you need to know.

A tax credit is the dollar-for-dollar amount of money that taxpayers subtract directly from the income taxes owed. A federal tax credit is granted by the federal government.
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In this Nov. 5, 2020, file photo, a booklet describing unemployment benefits is seen on a desk, in North Andover, Mass.
 

Unemployment checks are slower to reach you. See how your state compares.

State systems were overwhelmed and slow to process unemployment claims after the pandemic began. Some states are faster now but others still struggle.
In 2021, the expanded child tax credit with monthly payments became available to 65 million children in a record nearly 40 million families across the United States. This single piece of legislation helped lift 5.3 million Americans out of poverty, including 2.9 million children.
 

Child Tax Credit: Here's what you need to know for this tax season

The maximum tax credit per qualifying child is $2,000 for children five and under – or $3,000 for children six through 17 years old.
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