User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


56° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

KELOLAND.com | Sioux Falls News & Weather, South Dakota News & Weather, Minnesota and Iowa News

[0] My Saved Articles
Back to all news

Politics

Find local businesses
on the KELO Pages!

 

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.

Previous Story

Next Story


Comments





RELATED STORIES


 
Find Local Businesses on KELO Pages!

View politics

You may also like

Gubernatorial Candidate Supports Medical Marijuana

4/13/2014 10:44 AM

A Third Party candidate for South Dakota governor is making the legalization of medical marijuana a main focus.

Full Story
Mitchell Considers Repeal Of City Texting Ban

4/12/2014 5:55 PM

To make roads safer, new legislation passed this bans texting and driving across South Dakota.

Full Story
Bosworth's Campaign Says She Raised $772K In 1Q

4/16/2014 7:48 PM

The campaign for Republican U.S. Senate candidate Dr. Annette Bosworth says she raised slightly more than $772,000 during the first three months of 20...

Full Story
Minnesota Governor To Sign Minimum Wage Bill

4/14/2014 4:19 AM

Gov. Mark Dayton is capping a push to raise Minnesota's minimum wage with a ceremony to sign the bill doing just that. Dayton planned to turn t...

Full Story
Rep. Noem Headed To Asia

4/18/2014 4:37 AM

Republican Rep. Kristi Noem is headed to Asia with several other members of Congress. She's one of eight Republicans and one Democrat in a grou...

Full Story


Events

 
 
KELOLAND TV: 501 S. Phillips Avenue, Sioux Falls, SD 57104
Phone: 605.336.1100 · Breaking News call: 1-800-888-5356
Web Site Design and Custom Programming By: Lawrence & Schiller© 2014 KELO-TV -- KELOLAND.COM -- ALL RIGHTS RESERVED