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Why tax hikes will be worse than spending cuts

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Dec 11, 2012 @ 12:01 am (Updated 4:41 pm) EST

Although a lot of the discussions about the fiscal cliff have focused on potential tax increases for the rich, Brad McMillan, vice president and chief investment officer for Commonwealth Financial Network LLP , says it's the tax hikes for everyone else that could derail the economy. Furthermore, McMillan notes that some of these increases — including the 2% payroll tax and the tax associated with President Obama's Affordable Care Act — are set to happen regardless of the fiscal cliff resolution.