American Taxpayer Relief Act of 2012

Description

Abstract: The American Taxpayer Relief Act of 2012 provides relief for most taxpayers, but will increase the tax bill for high-income folks. The Act includes, among other items, permanent extension of the Bush-era tax cuts for most taxpayers; revised tax rates on ordinary and capital gains income for high-income individuals; modification of the estate tax; a permanent fix of the AMT for individual taxpayers; limits on deductions and exemptions of high-income individuals; and numerous retroactively reinstated and extended tax breaks for individuals and businesses. This article discusses several of the Act’s provisions impacting individual taxpayers.