A map has been released by US. Senator Tim Johnson’s office that shows the effect losing the Payroll Tax credit would have on South Dakota counites. The information displays the money working families in each county will save if the expanded payroll tax cut Johnson supports passes, as well as the tax increase the average family will be hit with if an extension isn’t approved. Families all across South Dakota could see tax increases if the tax cut is not extended. Last December, Congress approved a tax relief package, which reduced the payroll tax rate for employees and the self employed by 2 percent. This tax cut is set to expire at the end of 2011. Johnson recently co-sponsored the Middle Class Tax Cut Act to extend the current payroll tax reduction and increase the tax cut from 2 percent to 3.1 percent for 2012, saving the average South Dakota household $1,430 next year. This legislation is fully paid for. Beadle County residents would save $1313 dollars with the Payroll Tax, while the increase if the tax cut ends would be $847 for a median family. A list of the saving and costs for area counties are posted below…
- Beadle: Savings with Payroll Tax Cut $1313. Increase without $847
- Kingsbury: Savings with Payroll Tax Cut $1290. Increase without $833
- Sanborn: Savings With Payroll Tax Cut $1282. Increase without $827
- Miner: Savings With Payroll Tax Cut $1189. Increase without $767
- Jerauld: Savings With Payroll Tax Cut $1233. Increase without $ 796
- Hand: Savings With Payroll Tax Cut $1327. Increase without $856
- Hyde: Savings With Payroll Tax Cut $1261. Increase without $813
- Spink: Savings With Payroll Tax Cut $1361. Increase without $878
- Clark: Savings With Payroll Tax Cut $1265. Increase without $816
- Buffalo: Savings With Payroll Tax Cut $585. Increase without $377