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Starting with the first paycheque of 2013, U.S. workers will see their take-home pay shrink, roughly to the tune of a tank of gasoline, each and every biweekly payday. A resident looks at the price of gasoline as she fuels up her car at a gas station in South Beach, Miami, January 2, 2008. Oil prices vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said. REUTERS/Carlos Barria (UNITED STATES)
Starting with the first paycheque of 2013, U.S. workers will see their take-home pay shrink, roughly to the tune of a tank of gasoline, each and every biweekly payday. A resident looks at the price of gasoline as she fuels up her car at a gas station in South Beach, Miami, January 2, 2008. Oil prices vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said. REUTERS/Carlos Barria (UNITED STATES)
(CARLOS BARRIA/REUTERS)

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Holiday is over for U.S. payroll tax – and the GDP will pay for it

Don’t be fooled by the enthusiastic headlines and stock market gains that have resulted from Washington’s step back from the “fiscal cliff.” Average working stiffs throughout the United States are still about to take a direct and almost immediate $100-billion-a-year tumble – and the economy will bear the bruises.