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On December 23, 2011, the House and Senate passed H.R. 3765, also called the Temporary Payroll Tax Cut Continuation Act of 2011, and President Obama signed it the same day. The bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired. [7]
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.
Obama has proposed a tax plan which includes tax credits to lower the amount of taxes paid. It is argued that the typical middle-class family would receive over $1,000 in tax relief, with tax payments that are 20% lower than they faced under President Ronald Reagan. According to the Tax Policy Center, the Obama plan provides three times as much ...
The middle class -- typically considered those whose annual household incomes are two-thirds to double the national median -- face unique financial challenges. ... The limits for these ...
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The bill, the Middle Class Tax Relief and Job Creation Act of 2011, was passed by the House and signed by the President later that day. [ 35 ] [ 36 ] [ 37 ] The tax cut extension for the remainder of the year was passed as the Middle Class Tax Relief and Job Creation Act of 2012 on February 17, 2012, by a vote of 293–132 in the House and 60 ...
With the exception of accountants and tax attorneys, most people do not look forward to tax season. In fact, they loathe it so intensely that a recent GOBankingRates survey of more than 1,000 ...