There is no better illustration of the real world impact of current policy debates than the way self-reported upper-income consumer spending has plummeted during recent weeks. While many investors may be taking profits now in anticipation of higher taxes, other upper-income Americans may be pulling back on spending in anticipation of lower after-tax take home pay in 2013.

Upper-income spending, as monitored by Gallup, has fallen steadily since the first weeks of September --

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