Congress began 2013 by passing "The American Taxpayer Relief Act of 2012" (the "Act") reflecting a plan negotiated by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) to avoid a series of tax hikes scheduled to take effect upon the expiration of the "Bush tax cuts."
Some of the more significant features of the Act are as follows:
Income tax rates. The Act maintains the "Bush" tax rates for individuals with taxable income under $400,000 ($450,000 for married individuals, $425,000 for those filing as a head of household). Taxable income over and above these thresholds is taxed at the pre-Bush maximum rate of 39.6 percent.
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Topics: Alternative Minimum Tax, American Taxpayer Relief Act, Bush-Era Tax Cuts, Capital Gains, Dividends, Estate Tax, Fiscal Cliff, Income Taxes, Payroll Taxes, Tax Extensions
Published In: Administrative Agency Updates, Elections & Politics Updates, Finance & Banking Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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