The government will begin collecting billions of dollars from tax increases beginning January 1, 2013. They include, but are not limited to: an increase in the payroll tax on wages, a tax on investment income and a new tax on medical devices.

The statewide sales and use tax will increase .25% and will apply for four years.

Payroll taxes will increase .9% for an individual who earns over $200,000 a year and for couples who earn over $250,000.  People who fall into this category will also be facing an additional Tax of 3.8% on investment income.