Even as President Obama pushes for more taxes to ease the government’s pain of spending cuts, one of the nation’s biggest investment houses and home to millions of workers’ 401k plans is warning that the last wave of taxes OK’d in Washington is about to whack the bottom line of American wage earners.

Fidelity Investments just issued an analysis of the tax changes in the fiscal cliff deal approved at the beginning of the year that says even the vast number of Americans who didn’t lose their Bush-era tax cuts will feel pain.