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The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
The main funding differences between the Senate bill and the House bill were: More funds for health care in the Senate ($153.3 vs $140 billion), renewable energy programs ($74 vs. $39.4 billion), for home buyers tax credit ($35.5 vs. $2.6 billion), new payments to the elderly and a one-year increase in AMT limits.
The fiscal cliff was mostly avoided by the American Taxpayer Relief Act of 2012, which included: a) the expiration of the Bush tax cuts for only the top 1% of income earners; b) the end of the Obama payroll tax cuts; and c) a sequester (cap) on spending for the military and other discretionary categories of spending. Compared against a baseline ...
President Obama's budget preserves the Bush income tax cuts for couples earning below $250,000, while eliminating some tax exemptions and deductions (tax expenditures). [ 44 ] Defense and non-defense discretionary expenses are essentially frozen in real dollar terms for the 2013-2022 period, growing at or below the rate of inflation.
The biggest question many investors are asking about President Obama's compromise tax cut deal is how it will benefit the economy. But if those investors are hoping for a consensus answer from the ...
President Barack Obama, who has disagreed with Republican Congress members on whether to extend George W. Bush-era tax cuts for wealthier Americans beyond this year, said Tuesday that he will work ...
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub. L. 111–312 (text), H.R. 4853, 124 Stat. 3296, enacted December 17, 2010), also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010.
The Obama administration's proposed budget for 2017 proposed spending $4.2 trillion and raising $3.6 trillion in tax revenue. [10] The administration's stated priorities are creating jobs, building 21st century transportation, investing in medical research, addressing climate change, and increased funding for national security. [11]