2012 American Taxpayer Relief Act — Overview
By Scott BrennerAfter weeks, indeed months, of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress passed legislation to avert the tax side of the so-called “fiscal cliff.” The American Taxpayer Relief Act permanently extends the Bush-era tax cuts for lower- and moderate-income taxpayers, permanently “patches” the alternative minimum tax (AMT), provides for a permanent 40% federal estate tax rate, renews many individual, business and energy tax extenders, and more. In one immediately noticeable effect, the American Taxpayer Relief Act does not extend the 2012 employee-side payroll tax holiday.
The American Taxpayer Relief Act is intended to bring some certainty to … Read the rest