FF&F News & Events


Congress

Major Provisions of the American Taxpayer Relief Act of 2012

On January 2, 2013 President Obama signed into law the American Taxpayer Relief Act of 2012.  While the new law increases the top marginal income tax rate for individuals earning up to $400,000 (up to $450,000 for joint filers) to 39.6%, it allowed the United States to avoid going over the so called “fiscal cliff” which would have required across-the-board increases to all tax brackets and mandatory spending cuts.

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