The American Taxpayer Relief Act of 2012
On January 1, 2013, the Bush Tax Cuts expired. However, on January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012, which reinstated many of the tax cuts, effective retroactively to January 1st. The 2012 Act did not repeal the increase in the highest marginal income tax rate (from 35% to 39.6%) which had been imposed on January 1st as a result of the expiration of the Bush Tax Cuts.
Read more about this topic: Bush Tax Cuts
Famous quotes containing the words american, taxpayer, relief and/or act:
“I’ve always wondered why European politicians as a group seemed brighter than American politicians as a group. Maybe it’s because many American politicians have the race issue to fall back on. They become lazy, suspicious of innovative ideas, and as a result American institutions atrophy.”
—Ishmael Reed (b. 1938)
“[The Republicans] offer ... a detailed agenda for national renewal.... [On] reducing illegitimacy ... the state will use ... funds for programs to reduce out-of-wedlock pregnancies, to promote adoption, to establish and operate children’s group homes, to establish and operate residential group homes for unwed mothers, or for any purpose the state deems appropriate. None of the taxpayer funds may be used for abortion services or abortion counseling.”
—Newt Gingrich (b. 1943)
“The beginner’s well-known propensity for obtruding upon his own privacy, by introducing himself, or a vicar, into his first novel, owes less to the attraction of a ready theme than to the relief of getting rid of oneself, before going on to better things.”
—Vladimir Nabokov (1899–1977)
“Pretension may sit still, but cannot act. Pretension never feigned an act of real greatness. Pretension never wrote an Iliad, nor drove back Xerxes, nor christianized the world, nor abolished slavery.”
—Ralph Waldo Emerson (1803–1882)