Tax News & Views - December 19, 2012
Vol. 13, No. 45
Tax Policy Group, Deloitte Tax LLP
- Boehner unveils fiscal cliff ‘Plan B’; includes rate increases for taxpayers earning over $1 million – With the deadline for addressing the year-end fiscal cliff getting closer, House Speaker John Boehner, R-Ohio, unveiled what he described as fallback legislation late December 18 that would allow the top marginal income tax and capital gains and dividends rates to expire after 2012 for taxpayers earning over $1 million a year, permanently extend the Bush-era tax cuts for individuals with income below that threshold, keep the estate tax at its current levels, and permanently increase the exemption for the individual alternative minimum tax and index it for inflation.
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