The American Taxpayer Relief Act of 2012 (ATRA), referred to by some as the fiscal cliff agreement, was signed into law by President Obama on January 2, 2013. ATRA includes changes and extensions to a number of different tax provisions, including the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), both of which are Bush-era tax cuts. ATRA also extends certain provisions of the American Recovery and Reinvestment Act of 2009 (2009 ARRA) and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 TRA). The politics surrounding the enactment of the fiscal cliff agreement were volatile, and there continues to be debate as to whether ATRA is a tax increase or a tax cut. This article will outline some of the ATRA provisions that will impact individuals.
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