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.


36° 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

KELO-TV Argus Leader Poll: Rounds Favorability Dips

10/31/2014 6:00 AM

The race for South Dakota’s open U.S. Senate seat appears to be taking a toll on former Republican Governor Mike Rounds.

Full Story | Watch
KELO TV/Argus Leader Poll: Medicaid/Teacher Pay

10/26/2014 6:00 AM

There are a number of big issues this election year, but there are also big issues that people won't be voting on next week, like raising teacher ...

Full Story
KELO TV/Argus Leader Poll: Rounds Has Nine Point Lead

10/27/2014 6:00 AM

Former  South Dakota Republican Governor Mike Rounds has a strong lead in the race for the state’s open U.S. Senate seat with more than a w...

Full Story
KELO TV/Argus Leader Poll: Amendment Q/Initiated Measure 17

10/29/2014 6:00 AM

The 2014 mid-term election is now less than a week away and a lot of people have already decided on who they're going to vote for public office.

Full Story
KELO/Argus Poll: Daugaard Has Commanding Lead

10/28/2014 6:00 AM

South Dakota Republican Governor Dennis Daugaard is carrying a commanding lead into the final week of the campaign.

Full Story


Events