By Brian M. Sagrestano, JD, CFRE
On January 1, 2013, the Congress passed the bi-partisan, 157-page American Taxpayer Relief Act of 2012.
This new law makes permanent several expiring tax provisions passed in 2001 and 2003 and includes a wide variety of other provisions, including “tax-extenders” (tax code rules that are usually re-authorized on a regular basis but not made permanent).
The Act does not renew a temporary payroll tax “holiday” for earners. This means that most working Americans will see a 2% decrease in take-home pay starting with their first paycheck in 2013.
You should be aware The Affordable Care Act of 2010 also imposes new taxes to help offset healthcare cost increases. Its significant provisions are also noted below.