President Obama on January 2, 2013 signed into law the American Taxpayer Relief Act of 2012 (the “Act”). The Act extends certain tax rates, tax credits, and other provisions previously enacted by other tax legislation, which were generally scheduled to expire after 2012.
- extends the 2012 individual income tax rates for individual filers with taxable income up to $400,000, and for married couples filing jointly with taxable income up to $450,000 (the “400/450 Threshold”);
- raises the top individual tax rate on taxpayers earning above the 400/450 Threshold to 39.6% (up from 35%);
- extends the 2012 individual income tax rates on long-term capital gains and qualified dividends for taxpayers earning up to the 400/450 Threshold. These rates are generally 15%...
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