Quick Money Post: Full Text of the Fiscal Cliff Bill: The American Taxpayer Relief Act of 2012

Cliffs at Yosemite

Looking up at the cliffs in Yosemite.

In today’s edition, we take a look at the Fiscal Cliff Bill (technically known as the American Taxpayer Relief Act of 2012).

We’ve included the entire document below, but we realize that most of you just want to know what the bottom line is for you and your family.

We’ve got you covered.

Here are some highlights of the Bill:

  • Payroll taxes will go up from 4.2% to 6.2%
  • If you are single and earn over $400,000 or married and earn over $450,000, your income taxes will increase from 35% to 39.6% AND your tax rate on capital gains and dividend will increase from 15% to 20%. See full list of current income tax rates.
  • If you are single and earn over $250,000 or a couple who earns over $300,000, your personal exemptions and deductions will start to be phased out.
  • Credits implemented in the 2009 Stimulus law will remain.
  • Estate taxes will go up to 40%, if the estate is over $5 million.
  • The AMT (Alternative Minimum Tax) will be permanently indexed for inflation.
  • If you are unemployed, unemployment insurance is extended for another year.

Full Text of the Fiscal Cliff Bill

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Last Edited: March 8, 2014 @ 11:04 pm The content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, FinCon CEO, and husband and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.


  1. Thanks for linking to the CoPF PT! Hope you’re having an awesome new year!