The President and Congress narrowly averted the fiscal cliff with the enactment of the 2012 American Taxpayer Relief Act (ATRA), which President Obama signed into law on Jan. 2, 2013.
The 2012 American Taxpayer Relief Act Is Enacted
The 2012 American Taxpayer Relief Act (ATRA) includes an increase in individual tax rates for high income levels, a permanent patch for the alternative minimum tax, an extension of the gift and estate tax exemption, and extension of certain expiring provisions.
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