How will the new deal to avoid the fiscal cliff affect you? It all depends on which end of the income bracket you fall in.
For most, payroll taxes will go up about two percent, and the Bush-era tax breaks will stay in place.
But people who make more than $400,000 a year and couples who make more than $450,000 a year will be the most affected.
Still the new deal will affect most households in some way. The average household pulling in $50,000 a year will have to pay about $1,000, or two percent, more a year from their paychecks to Social Security.
On the other end of the spectrum, house holds making more than $500,000 dollars a year will see a much bigger increase; they'll have to pay more than $6,000 dollars a year in extra taxes because of this plan.
Financial experts say all this will have a slight negative impact on our local economy, but the uncertainty is over.
"It really does take the pressure off," QC Chamber of Commerce President & CEO Tara Barney says.
It's uncertainty that has been looming over the nation for months, and it's now over. We now know what's ahead.
"The amount of money Uncle Sam is going to take from you will change," KWQC Financial Analyst Jim Victor says, "Every one of us and our paychecks will have two percent less as a result of a two percent increase in the Social Security contribution."
For top earners, tax increases will be much more, which all plays out in how much we spend.
"The fact that Quad Citians will have two percent less in their paycheck, starting immediately means a real impact on the Quad Cities economy," Victor says, "That impact is immediate, and it's on retailers."
The two percent increase is all that's changing for most Americans, and experts say they don't expect huge shifts in employment because of it. That's because other tax laws on goods and giving incentives to buy will stay the same.
"The tax brackets for each of us we thought might rise, are not rising," Victor says, "We now know what we're faced with, and it's fairly limited."
Analysts say they don't see these tax increases affecting big employers' ability to hire or expand.
The QC Chamber of Commerce says other parts of the tax plan, like extensions on tax credits for research and development and energy, may help big local employers make future plans.
"Having those tax credits extended for a couple years is going to help that equation," Barney says.
But for many waiting to see what this plan means for them, the waiting game is over and starting to plan for what's ahead can start.
"It's a lot less difficult for Quad Citians to shoulder this than what many had feared, and now Quad Citians can move ahead," Victor says.
Congress still has a lot of work ahead of them. The tax plan is set, but lawmakers have to get to work on major budget talks this year. Several federal program cuts were put off for a year, so those extensions dealing with unemployment and other federal programs will have to be dealt with eventually.
