On January 1, 2013, the American Taxpayer Relief Act of 2012 was passed. During his campaign, President Obama repeatedly said that if elected to a second term, his first order of business would be to return fairness to the middle class by permanently lowering taxes. He believes this will help to grow the economy. He achieved his goal. The Senate passed the bill by a bipartisan majority .
The agreement will benefit 114 million American families. It expands the Child Tax Credit, the Earned Income Tax Credit, the new American Opportunity Tax Credit, and the Marriage Penalty Relief. These credits will remain in effect for five years. If this was not passed a family of four would have seen a $2,000 plus tax increase. It also extends for one year emergency unemployment benefits to 2 million american people. It also ensures that Medicare, Medicaid and Social Security will be preserved.
The deal also ensures that America will continue to invest in education, clean energy and manufacturing by giving businesses an immediate write off of 50 percent of capital investments, extending the Production Tax Credit and the Research Experimentation Tax Credit. It postpones the Sequester for two months, which will give Congress more time to work on a plan to prevent automatic spending cuts.
The wealthy have not had a tax increase in 20 years. People making more than $250,000 tax rate will increase. This new agreement cuts the deficit by $737 billion
The agreement will benefit 114 million American families. It expands the Child Tax Credit, the Earned Income Tax Credit, the new American Opportunity Tax Credit, and the Marriage Penalty Relief. These credits will remain in effect for five years. If this was not passed a family of four would have seen a $2,000 plus tax increase. It also extends for one year emergency unemployment benefits to 2 million american people. It also ensures that Medicare, Medicaid and Social Security will be preserved.
The deal also ensures that America will continue to invest in education, clean energy and manufacturing by giving businesses an immediate write off of 50 percent of capital investments, extending the Production Tax Credit and the Research Experimentation Tax Credit. It postpones the Sequester for two months, which will give Congress more time to work on a plan to prevent automatic spending cuts.
The wealthy have not had a tax increase in 20 years. People making more than $250,000 tax rate will increase. This new agreement cuts the deficit by $737 billion
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