Bloomberg reported that the U.S. House passed a bill undoing income tax increases for more than 99% of households, giving a victory to President Barack Obama even as Republicans vowed to fight him in coming weeks for spending cuts in exchange for raising the debt ceiling.

Bloomberg noted that the burden of higher taxes will fall hardest on the top 1% and particularly on the top 0.1% of taxpayers. Those making more than $2.7 million will pay an average of $443,910 more in 2013, or 26% of the additional burden, according to the Tax Policy Center.

To read the Bloomberg story click here.