South Dakota Breakdown of Savings for Budget and Emergency Fund
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In South Dakota in fiscal year 2015, 82.4 percent of total tax revenues came from sales taxes and gross receipts. Income taxes accounted for 1.9 percent of total state tax collections. Education accounted for 32.6 percent of state expenditures in fiscal year 2015, while 21.4 percent went to Medicaid.
Our low unemployment rate, strong labor force recovery, and terrific tourism numbers are generating historic revenues for the state. South Dakota's year over year growth in fiscal year 2021 was $274.2 million or 15.7%, compared to a ten year average of 4.6%.
South Dakota's current budget The enacted budget included $1.8 billion in general fund spending and $5.1 billion in total spending. Under the American Rescue Plan, South Dakota will receive $974 million in direct state fiscal aid and $210 million in local government aid from the federal government.
The Indian government's main source of income is from Goods and Services Tax (GST) and income tax. Both forms constitute nearly 90% of the government's total tax collection.
South Dakota generates the bulk of its tax revenue by levying a general sales tax and select sales taxes (otherwise known as excise taxes). The state derives its constitutional authority to tax from Article XI of the state constitution.
According to NASBO, South Dakota's recent expenditure totals (general fund spending/total spending, including federal transfers) were: FY 2021: $1.9 billion/$6.7 billion. FY 2020: $1.7 billion/$4.9 billion. FY 2019: $1.6 billion/$4.5 billion.
According to NASBO, South Dakota's recent expenditure totals (general fund spending/total spending, including federal transfers) were: FY 2021: $1.9 billion/$6.7 billion. FY 2020: $1.7 billion/$4.9 billion. FY 2019: $1.6 billion/$4.5 billion.
The state received $1,409 in federal money per individual in 2021, according to World Population Review. States do provide tax money to the federal government but South Dakota receives $1.21 for every dollar it pays, according to the Rockefeller Institute of Government.
Southern states like Louisiana, Kentucky, and Mississippi, which have some of the largest numbers of people living in poverty and qualifying for various federal aid programs, are among the most dependent on federal funding.
