On January 2, 2013, President Obama signed the “American Taxpayer Relief Act of 2012” into law. The Act imposes an income tax increase to 39.6% (from 35%) on U.S. taxpayers earning more than $400,000 ($450,000 for married couples filing jointly) and raises the estate tax rate to a maximum of 40% (from 35%). The federal income tax rate on long-term capital gains has been increased from 15% to 20% for the top income-earners beginning in 2013.
Continue Reading U.S. Fiscal Cliff Averted, or Simply Postponed?