At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will bear the biggest burden, the new law will affect most U.S. families in one way or another. Income Tax Brackets Rates will increase for only the highest income tax bracket, increasing from 35 percent to 39.6 percent. These changes apply only to individuals …
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