What folks don't realize is this means everybody who works and has taxable income will feel it. Your initial taxable income (up to $8700 single, $17,400 married) is scheduled (in only 2 1/2 months) to be taxed at rate of 15% instead of the 10% it is now (a 50% increase). On top of this Obama's Social Security tax decrease in 2012 is also to end. Thus in 2013 FICA taxes will go from 4.2% to 6.2% (a 32% increase).
On top of this, many will see there Health Insurance Premiums increase. In my open enrollment, I see this phase "Increased due to the Patient Protection and Affordable Care Act".
Therefore the majority of working Americans are about to feel their wallets and purses lighten. And with their spending power reduced so goes the economy.
Welcome to the Fiscal Cliff America. Please thank a Democrat at the polls this November.
/Sarcasm OFF
too bad all companies don't put this disclaimer on their products when Fed Guv Inc. adds a hidden tax/mandate.