Tax Policy: Tracking Congressional Action

All taxes, at both the federal and state level, are subject to continuous change; Code sections, estate planning tactics, and income and investment tax rates are constantly tested, critiqued, and tweaked. Thus, continuous monitoring is crucial.

In this section, readers will be informed of both potential and ongoing tax-related adjustments. Links to authoritative articles, Congressional hearing transcripts, and Treasury press releases will provide insight into current governmental action.

American Taxpayer Relief Act of 2012 (“Fiscal Cliff” Agreement) – January 2, 2013

After months of uncertainty as to whether the Bush-era tax cuts would expire (among a multitude of other things), Congress found temporary resolution by agreeing on House Resolution 8. After President Obama signed the law on January 2, 2013, the following significant changes became effective: Income Tax: -Top tax rate of 35% increases to 39.6% […]