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Below is a recap of some specific items included in The American Taxpayer Relief Act of 2012 (H.R. 8). We hope this is helpful to you.
- Subjects individuals earning more than $400,000 per year and families earning more than $450,000 to an income tax rate of 39.6 percent;
- Subjects the same $400,000/$450,000 earners to pay capital gains and dividends tax rates of 20 percent;
- Sets the estate tax at 40 percent with a $10 million exemption;
- Includes a one-year extension of the IRA charitable rollover provision;
- For those earning $250,000 and above, reinstates the Personal Exemption Phaseout (PEP), which reduces the value of personal income tax exemptions; and
- For those earning $300,000 and above, reinstates the Pease deduction, which reduces the value of itemized deductions.