Higher tax receipts and lower deficits, i.e. lower savings, on the way. Both leakages, this policy substituting one leakage for another. Economic activity to be unchanged.
Thanks to the fiscal cliff deal and the Affordable Care Act, the top 1% of taxpayers - and many in the top 3% as well - will have to pay a bigger tax bill come April 15.
Story here from CNN Money via Yahoo.