(Bloomberg) — The House passed a bill Tuesday night to sidestep income tax increases for more than 99% of households and pull the nation back from the now infamous “fiscal cliff,” approving Senate-backed legislation in a 257-167 vote just after 11 p.m. President Obama signed it into law today.

As the White House and congressional lawmakers turn their attention to the next budget battle — the need to raise the nation’s $16.4 trillion debt ceiling — the largest economic impact for American families (and payroll managers) is the end of a 2% payroll tax cut, which will shrink paychecks for U.S. workers immediately.

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