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Swerving from the Cliff: Tax Provisions in the American Taxpayer Relief Act of 2012


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As the nation grazed the edge of the fiscal cliff, Congress approved and sent to President Obama legislation that, among other things, permanently extends the reduced Bush-era income tax rates for lower- and middle-income taxpayers, allows the top rates on earned income and investment income to rise for wealthier households, permanently “patches” the individual alternative minimum tax, and increases the estate and gift tax rate for high-value estates. The American Taxpayer Relief Act of 2012 also extends through 2013 an array of temporary business and individual tax “extenders” provisions such as the research and experimentation credit, the subpart F active financing exception, the lookthrough rule for payments between related controlled foreign corporations, bonus depreciation, and the deduction for state and local general sales taxes.

Swerving from the cliff, a report from Deloitte Tax LLP, examines the tax provisions in the new law and considers the tax policy challenges facing Congress and the Obama administration in the year ahead.

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