Elite Eight – Tax Rate Increases For 2013

By Gerard T. Forget III JD, MBA, LLM

The American taxpayer Relief Act of 2012 was signed into law by the President on January 2, 2013. The Act prevented many of the tax hikes that were scheduled to go into effect in 2013. However, it also increases income tax rates for high-income individuals and increases transfer tax rates (Estate and gift Taxes)

The “Highlights” of the Act include:

1 - Tax rate increases for high-income individuals: Tax years beginning after 2012, the income tax rates remain in effect except for income above a threshold ($450 . . .

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