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.
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