Congress voted late New Year's Day to extend existing federal tax rates and delay automatic cuts that would have dramatically reduced cuts in automatic federal spending increases.
In Washington-speak Congress voted to avoid going over the so-called "fiscal cliff."
What you won't see in most of the Washington-speak Wednesday morning is that most people will see a bigger paycheck bite from Uncle Sam anyway.
That's because Congress did not vote to extend a two year "tax holiday" on Social Security withholding taxes. The result: For most taxpayers social security withholding tax is going up two percent from 4.2 percent to 6.2 percent starting now.
Taxpayers making $50,000 per year will shell out (via withholdings) an average $1000 more starting now than they did in 2012.