A Breakdown of the New Fiscal Cliff Law
On January 2, President Barack Obama signed the American Tax Relief Act, an eleventh-hour bill designed to resolve the year-long fiscal cliff debate over expiring tax breaks and automatic spending cuts set to take effect in 2013. The legislation staves off massive job losses and a potential economic recession, but it raises more questions about government spending policies, entitlement programs and the need for a viable debt reduction plan.
Peter Lefkin, head of government and external affairs at Allianz of America, highlights the key components of the American Tax Relief Act, which includes permanent lower dividend and income tax rates for households making $450,000 or less. To see a rundown of the law’s key components please CLICK HERE.