An Overview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012
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An Overview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012
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Author : Margot L. Crandall-hollick
language : en
Publisher: Createspace Independent Pub
Release Date : 2013-02-12
An Overview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012 written by Margot L. Crandall-hollick and has been published by Createspace Independent Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-12 with Business & Economics categories.
On December 31, 2012, a variety of temporary tax provisions which were part of the “fiscal cliff” expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) retroactively extended, and in certain cases modified, many of these provisions. The short time period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013 (i.e., the amount of income tax withheld from their paycheck and the availability of certain tax deductions, credits, and exclusions remained unchanged). This report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the “fiscal cliff deal,” including: the permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the “Bush-era tax cuts”; the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the “2009 tax cuts”; the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as “tax extenders”; and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans). ATRA did not extend the payroll tax cut. The payroll tax cut—temporarily enacted for 2011 and 2012—reduced Social Security taxes from 6.2% to 4.2% for employees and from 12.4% to 10.4% for the self-employed on the first $110,100 of wages in 2012. In addition, P.L. 112-240 did not change another component of the fiscal cliff, namely new taxes primarily related to Medicare and enacted as part of the Affordable Care Act (ACA; P.L. 111-148, as amended), which went into effect at the beginning of 2013. The Joint Committee on Taxation (JCT) estimates that the tax provisions of ATRA (Titles I-IV and Title X) would reduce revenues by $3.9 trillion over the 10-year budgetary window from 2013 to 2022 in comparison to the official current law baseline. (The official current law baseline was an estimate of future revenue if all temporary tax provisions had expired as originally scheduled.) Of this $3.9 trillion, $1.5 trillion (39%) is a result of permanently extending certain income tax provisions of the 2001 and 2003 tax cuts, $369.1 billion (9%) is a result of permanently extending and modifying estate tax provisions, $134.2 billion (3%) is a result of temporarily extending 2009 tax cut provisions, $1.8 trillion (46%) is a result of permanently extending the AMT patch, and $76.3 billion (2%) is a result of temporarily extending certain temporary expiring provisions and “tax extenders.” In contrast, using a current policy baseline which estimates future revenues if all temporary tax provisions (excluding the payroll tax cut) had been extended, the Administration has stated that these tax provisions would raise revenues by $618 billion. ATRA includes other non-tax provisions, including those related to budget sequestration, emergency unemployment benefits, and Medicare.
An Overview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012
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Author :
language : en
Publisher:
Release Date : 2013
An Overview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Taxation categories.
American Taxpayer Relief Act Of 2012
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Author : Filip Svensson
language : en
Publisher: Nova Science Publishers
Release Date : 2013-07
American Taxpayer Relief Act Of 2012 written by Filip Svensson and has been published by Nova Science Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07 with Economic stabilization categories.
On 31 December 2012, a variety of temporary tax provisions that were part of the "fiscal cliff" expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA) retroactively extended, and in certain cases modified, many of these provisions. The short period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013. This book provides an overview of the tax provisions included in the "fiscal cliff deal", including: the permanent extension and modification of the 2001 and 2003 tax cuts ("Bush-era tax cuts"); the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA); the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as "tax extenders"; and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth Accounts.
Highlights Of The Tax Provisions Of The American Taxpayers Relief Act Of 2012
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Author : RIA (Firm)
language : en
Publisher:
Release Date : 2013
Highlights Of The Tax Provisions Of The American Taxpayers Relief Act Of 2012 written by RIA (Firm) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Income tax categories.
Provides an overview of the American Taxpayers Relief Act of 2012 (also referred to as the 2012 Taxpayer Relief Act) that was signed into law on Jan. 2, 2013.
Oveview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012
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Author : Margot L. Crandall-Hollick
language : en
Publisher:
Release Date : 2013-03-01
Oveview Of The Tax Provisions In The American Taxpayer Relief Act Of 2012 written by Margot L. Crandall-Hollick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-01 with Business & Economics categories.
2012 Tax Legislation
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Author : CCH Tax Law Editors
language : en
Publisher: CCH Incorporated
Release Date : 2013
2012 Tax Legislation written by CCH Tax Law Editors and has been published by CCH Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Economic stabilization categories.
CCH's American Taxpayer Relief Act of 2012: Law, Explanation and Analysis provides tax professionals with a single integrated reference source covering all aspects of this important legislation. Along with the impacted Internal Revenue Code provisions, CCH editors, together with leading tax practitioners and commentators, have created a complete practical analysis. The American Taxpayer Relief Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000; permanently patches the alternative minimum tax (AMT); revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit; and provides for a maximum estate tax of 40 percent with a $5 million exclusion. The bill also delays the mandatory across-the-board spending cuts known as sequestration. Highlights of the American Taxpayer Relief Act of 2012 include: -- 39.6% tax rate for incomes above $400,000 ($450,000 for joint filers) -- All other Bush-era tax rates extended -- 20% maximum capital gains tax rate -- Permanent AMT patch -- Five-year extension of American Opportunity Tax Credit -- One-year extension of business tax extenders The law is arranged in Code section sequence. CCH also provides several special tables and lists to facilitate quick and thorough understanding of the law and how it would affect taxpayers. Features include an effective dates table organized by Code section, a listing by Code section of the Act sections affecting it, and a listing by Act section of the Code sections affected. CCH's Law, Explanation and Analysis book is the resource that tax professionals, businesses, government staff and students alike need to get all the details of and help on new tax legislation changes. CCH provides the critical, late-breaking explanation and analysis to help readers make sense of complex legislative change so they can plan, respond and advise with confidence.
The Estate And Gift Tax Provisions Of The American Taxpayer Relief Act Of 2012
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Author : Jane Gravelle
language : en
Publisher:
Release Date : 2013
The Estate And Gift Tax Provisions Of The American Taxpayer Relief Act Of 2012 written by Jane Gravelle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Gifts categories.
The American Taxpayer Relief Act Of 2012
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Author : 112th United States Congress
language : en
Publisher:
Release Date : 2013-01-03
The American Taxpayer Relief Act Of 2012 written by 112th United States Congress and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-03 with Law categories.
The American Taxpayer Relief Act of 2012 (H.R. 8) passed by the United States Congress on January 1, 2013 centers on a partial resolution to the United States fiscal cliff by addressing the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, as well as the activation of the budget sequestration provisions of the Budget Control Act of 2011.The American Taxpayer Relief Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000; permanently "patches" the alternative minimum tax (AMT); revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit; and provides for a maximum estate tax of 40 percent with a $5 million exclusion. The Act also delays the mandatory across-the-board spending cuts known as sequestration.
Impact Of The American Taxpayer Relief Act Of 2012 On The December 2012 Economic And Revenue Forecast
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Author : Larson Silbaugh
language : en
Publisher:
Release Date : 2013
Impact Of The American Taxpayer Relief Act Of 2012 On The December 2012 Economic And Revenue Forecast written by Larson Silbaugh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Economic forecasting categories.
The American Taxpayer Relief Act of 2012 (Act) addressed uncertainties related to federal tax policy by extending most of the Bush-era individual and corporate income tax provisions for the middle class. In general, the Act is consistent with assumptions made during the preparation of the Legislative Council Staff December 2012 revenue forecast.
American Taxpayer Relief Act Of 2012
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Author :
language : en
Publisher:
Release Date : 2013
American Taxpayer Relief Act Of 2012 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Income tax categories.