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Wednesday, January 2, 2013

Congress Approves Eleventh-Hour Agreement to Avert Fiscal Cliff

Highlights of the American Taxpayer Relief Act of 2012
  • 39.6% Tax Rate for Incomes Above $400,000 ($450,000 Families)
  • All Other Bush-Era Tax Rates Extended
  • 20% Maximum Capital Gains/Dividend Tax Rate
  • Maximum 40% Estate/Gift Tax Rate
  • Permanent AMT Patch 
  • Five-Year Extension of Enhanced Education Credit
  • One-Year Extension of Many Business Tax Extenders
  • Over 30 Extenders Retroactive to Start of 2012