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Dust and gas to grow in size. there are other planets closer to the star that have already formed. thats your 5@5:00. >> that is amazing. >> and amazing we can see it. >> it is the first day of class for the newest members of congress. >> after the 113th congress gets ready to convene the president is back vacationing with the first lady. >> peter doocy is back with more on this. >> good morning. 77 percent of americans are seeing taxes rise for the new year. it is coming to us from the tax poli...

The cbo estimates the bill will only cut spending by $15 billion while raising 620 billion from tax hikes patti ann. all wage earning are goes to see taxes go up. >> they pcompromised not raisin taxes. they did not stop the 2 year tax cuts from expiring. all american also see social security taxes bounce back this year to 6.2 percent. that will means a 1,000 dollar tax increase on a 50,000 dollar salary. the hire payroll tax will cut economic growth by .6 percentage points this year. and meanw...

The bill would permanently adjust the income exemption levels for the alternative minimum tax, the amt and would adjust it for inflation. that is a big deal because every year congress would have to come back and do what is called an amt patch. they wont have to do that now. also, capital gains. capital gains and dividend tax rates for high income households would increase to 20% from 15%. for everyone else investment tax rates would remain at 15% or below. then you have extending long-term unem...

Good to see you and happy new year. >> happy new year. >> lawmakers and president obama allowed the payroll tax cut to expire. thats something that hits 160 million americans. what kind of money are we talking about? >> were talking about a thousand dollars for an average family who makes about $50,000 a year. its something that will come out of their pocketbook steadily through the course of the year. remember, this is something that has really not been stressed during the course of this fiscal...

Year that congress had to do that. this would make it permanent. the plan also expands the child tax credit earned income tax credit and up to $2,500 tax credit for college tuition. unemployment benefits would be extended for one year and the same for the medicare dock fix. the social security payroll tax cut reverts to a 6.2%. on the estate tax, the estate tax will have a 10-million-dollar exemption per couple with additional inheritance taxed at 40 pierce. these are details just coming out. th...

Insurance. they decided emergency unemployment would be by the federal government. since the economy is still struggling they are looking at renewing this. this is new spending in the bill. there is virtually no spending. they got rid of this tweaking the tax code. that is something that a lot of house republicans probably wont like. but at this point in the game i think they have to pass it. >> one of the increases is social security payroll tax increase. owe b president obama was talking about...

So there are some actual things we do like about it. >> the deal seems 30 million people from having to pay the a terptive minimum tax indexing it to inflation. it raises the debt tax but has $5 million for individual estate and $10 million family estates like farms. but the payroll tax will go to 6.2%. inyees to cost the worker making $100,000 a year about $2,000 more. on the spending side, the deal extends the long-term unemployment benefit for another year. democrats incyst op it. >> its crit...

Down for lack of funds. i think that is the more serious of the two issues. >> from a main street perspective, we just finished the holiday shopping season and the sales numbers werent very encouraging and a lot of analysts said one of the reasons, one of the things that impacted consumer confidence were fears over the looming fiscal cliff. is it possible that regardless of what happens with the house or with this deal that there will be an effect on consumer confidence and spending down the roa...

If they are getting taxed twice as much, what happens? they are spending less, that affects the economy. dividends got hit at the end of the year in the stock market due to the potential falling off the fiscal cliff. gregg: 30 million americans will be affected by the alternative minimum tax and they will have to pay a much higher tax rate. >> a lot of people dont even know that they will be one of that 28 to 3,030,000,000 people getting hit. this all comes at the end of the year when you realiz...

Here is how the potential deal stacks up. they will be taxed at 39.6%. up from 35%. tax on capital gain and individuals for $400,000 for individuals would increase to 20%. from 15%. the alternative minimum tax is permanently indexed to inflation. it has been annual patch. that would be permanent. the plan extent the child tax red earned income tax credit. up to $2,500 tax credit for collision tuition. unemployment benefit are extented for one year. same for the medicare doc fix and the social se...