2010 Tax Relief Act brief

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Late on December 17, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “2010 Tax Relief Act”). This Act, which lowers tax rates for Americans at every income level and also reduces the tax liabilities of small businesses and corporations, is a sweeping tax package that includes an extension of the Bush-era tax cuts for two years; a 2% cut in employee-paid payroll taxes and in self-employment tax for 2011; new incentives to invest in machinery and equipment; estate tax changes; a two-year AMT “patch” and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.

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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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