According to a report from Chicago Tribune on Jan 2, 2013, the hard-fought 'fiscal cliff' deal that President Barack Obama and congressional Republicans have tried to settle down at last through the assistance of tax hikes, has raised quite an issue.
The tax package passed by Congress though has some relief for Americans by announcing no chance of income tax increase, but they will still have to worry as this shows up the possibility of increase in the federal taxes in 2013.
An agreement that was approved on January 1, 2012 by the Republican-led House of Representatives, in favor of Obama, promises to solve the budget woes by raising the taxes on the wealthiest Americans.
What the Republicans have to say on the deal is that they have lost it by finally letting taxes to be hiked on the wealthy, but promises to incorporate significant cuts in the government benefit programs like health care in the next deal.
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