Taxes Going up for 77% of Americans, Northland Expert Weighs In

By KBJR News 1

January 10, 2013 Updated Jan 10, 2013 at 8:49 AM CST

You may have thought you were safe from tax increases in 2013, but in reality, taxes will be going up for three out of every four Americans.

Matt Zanardo of Northland Retirement Group says that 99% of Americans were spared from deep cuts.

"The only people who are really going feel the effects are individuals making over $400,000 a year, and couples making $450,000. Everyone else has stayed relatively status quo," says Zanardo.

Zanardo says where the majority of people will see a reduction is right off the top of their pay check.

"The payrol tax deduction went from 4.2% to 6.2%," he says. "What that means is if you are an income earner making $50,000 a year or more, you are going to need an extra $1,000 to pay in taxes that you didn't need last year."

Zanardo says if you are unsure what your taxes will be for 2013, head over to Northland Retirement's website. There you will find a tax calculator that will tell you exactly how much you will owe.

www.northlandretirement.com

To watch the full interview with Matt Zanardo, click the video on your screen.