Details of the American Taxpayer Relief Act of 2012  

On January 2, President Obama signed the American Taxpayer Relief Act of 2012, the so-called "Fiscal Cliff" legislation to prevent tax hikes from affecting over 98% of American taxpayers. The Act, in essence, is a permanent extension of the 2001/2003 Bush-era tax cuts (EGTRRA). Also, the legislation permanently fixes the AMT and estate tax, but increases income tax rates and long-term capital gains rates on higher earning taxpayers. The Act incorporates many business and individual extensions of the so-called "annual extenders."  

Click Here to see details of the tax provisions of the Act.