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.


26° 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.
 Winter Storm for January 31-February 1, 2015

Snow Outlook

Severe Weather

State Radar


Click here for local closings & delays

Send photos to ushare@keloland.com

Storm Center Update

 

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
Sponsored
Find Local Businesses on KELO Pages!

View politics

You may also like

SD Legislation: Daylight Saving Time All The Time

1/28/2015 6:02 PM

Imagine driving home in the winter with the sun still shining. It could be possible if a proposal in the South Dakota legislature passes that would pu...

Full Story | Watch
Iowa Governor Terry Branstad Hospitalized

1/26/2015 12:37 PM

68-year-old Branstad fell ill at an event on Monday, and was transported by ambulance to Iowa Methodist Medical Center in Des Moines.   

Full Story
Gorbachev Warns Of Military Conflict Between Russia, West

1/29/2015 6:23 AM

More than 5,100 people have been killed in a bloody conflict in eastern Ukraine between government troops and pro-Russian separatists.

Full Story
Senate Passes Bill Approving Keystone XL Oil Pipeline

1/29/2015 3:18 PM

The Republican-controlled Senate has passed a bipartisan bill approving construction of the Keystone XL oil pipeline.

Full Story
Med-Star Plans To Appeal SF Ambulance Ruling

1/26/2015 5:41 PM

The City of Sioux Falls announced Monday that an independent hearing examiner has found the city used a fair system to select the ambulance provider P...

Full Story | Watch


Events