Sunday, February 3, 2013
American Taxpayer Relief Act 2012
There has been much going on in Washington in recent weeks surrounding our tax laws and fiscal policies. Thankfully the adults in Congress reached a compromise last month and the President signed into law the American Taxpayer Relief Act of 2012.
I'm not sure "relief" is an appropriate word to be used in the title here, however we did gain some certainty, at least with respect to tax rates. I'm also not sure the American worker who heard so much in the media about protection of the middle class felt relief when s/he opened up that first paycheck in 2013 and was puzzled why the net check went down only to learn payroll taxes went back to the normal, pre-holiday, rates.
US Bank did a nice job in summarizing, in a short two page document seen below, what they are calling the "tax highlights" of the new law.