Tax News & Views - January 4, 2013
Vol. 14, No. 1
Tax Policy Group, Deloitte Tax LLP
- Fiscal cliff agreement becomes law – Congress approved and President Obama signed legislation that averts the fiscal cliff by permanently extending the reduced Bush-era income tax rates for lower- and middle-income taxpayers; allowing the top rates on earned income, investment income, and estates and gifts to increase from their 2012 levels for more affluent taxpayers; and permanently “patching” the individual alternative minimum tax, among other provisions.
- Three Republicans tapped to join Senate taxwriting panel – The Senate Republican Conference named Sens. Johnny Isakson of Georgia, Rob Portman of Ohio, and Pat Toomey of Pennsylvania to serve on the Senate Finance Committee beginning in the 113th Congress.
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