The headline at Bloomberg here is total bullshit: "Senate-Passed Deal Means Higher Tax on 77% of Households".
The end of Obama's temporary payroll tax cut, the cause of almost everyone's tax increase, has nothing to do with the expiration of the Bush tax cuts, but that doesn't stop Bloomberg from lying about it, with a little help from the so-called non-partisan Tax Policy Center:
The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.
More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.
The Senate deal does nothing to raise taxes on anybody except the very rich. The absence of a provision extending Obama's temporary payroll tax cut for another year does. The latter had nothing to do with the expiring Bush tax provisions, which Democrats just overwhelmingly voted to make permanent.
There's only one way to save the failing Obama: George W. Bush's tax rates.
