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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