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Americans to pay hundreds more in taxes

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After weeks of "fiscal cliff" talks a deal was finally reached, but not without the middle class taking a hit.

One Bryant family said they will have to make changes to make up for the loss in their income.

"I just heard bits and pieces," said Angie Freel of Bryant.

"Fiscal cliff" talks were something not many Americans were thinking about with the hustle and bustle of the Christmas season.

"Because it was throughout the Christmas holidays and we were really busy," Freel said. "But I heard bits and pieces and what I thought it would mean for us is that we would pay a little more taxes for our payroll taxes."

But on New Years Day it became clear for many Americans how much more they would paying. Freel said she is looking at an additional $1,000 in taxes a year.

"You ask anyone about losing a thousand dollars over the course of a year and they're pretty upset about that," said John Shrewsbury of GenWealth Financial Advisors in Bryant.

Shrewsbury said it is starting to hit home for a lot of people.

"It is causing a lot of people a lot of concern and a lot of upset folks about when they see their paycheck," said Shrewsbury.

The tax break Americans received back in 2011 brought taxes down to 4.2 percent was not renewed this year bringing it back to the original 6.2 percent contribution.

"It was really just a reversion back to the original rate we were paying before," Shrewsbury said.

But since costs continue to rise, things do not go back to how they were. Instead, more sacrifices have to be made to make ends meet.

"Trying to get more coupons and saving at the grocery store, cooking more from scratch, eating out less," said Freel. "Every little bit counts and matters for us."

 

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