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What ‘Fiscal Cliff' Means To You

November 13, 2012, 5:52 PM by Shawn Neisteadt

What ‘Fiscal Cliff' Means To You
SIOUX FALLS, SD -

Congress still has time to save the country from falling over the fiscal cliff, but with the end-of-the-year tax hikes looming, you might be wondering what it means to you.

The exact numbers vary from person-to-person based on income and the other factors that go into calculating taxes, but numbers from the Tax Policy Center give us a baseline.

The average South Dakotan makes $24,110 dollars each year, placing us in the second category of income.  Basically, the tax rate you'd be expected to pay would increase by four percent.

Falling over the fiscal cliff would end some tax cuts linked to the stimulus act.  For the average South Dakotan that adds $185 to your taxes.

The tax holiday created by Congress to help the struggling economy would come to an end, allowing those tax cuts to expire would cost you $364 dollars in taxes over the year.

Tax cuts from the Bush White House would expire, and that's perhaps the biggest hit on individual taxes. Without those cuts, taxes go up by $595 for the average South Dakotan.

Other various tax provisions and breaks would also come to an end on the other side of the cliff, tacking on $86 for taxes.

The Federal Health Care law will also increase your federal taxes, but only by $2.

In all, falling off the fiscal cliff would cost the average South Dakotan about $1,230 in federal taxes for the year.

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