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The American Taxpayer Relief Act of 2012

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which was signed into law by President Obama the following day.  The passage of the Act made permanent many pre-existing “Bush era” tax cuts that were scheduled to expire after December 31, 2012.  It also reinstated a number of tax breaks for individuals and businesses.  For high-income individuals, however, the Act increased tax rates and reduced certain tax benefits.  This article provides a brief summary of some of the key provisions of the Act.  Read More