American Taxpayer Relief Act of 2012
The bad news: the measures taken to avoid the fiscal cliff have added 74 billion dollars in new tax loopholes. Also, the Act did little to solve the financial problems of the United States.
The good news:
• Permanently extends tax cuts for middle-class families, 99 percent of American taxpayers and small businesses.
• Protects 26 million middle-class families from being hit by the Alternative Minimum Tax, including 60,000 in PA-13.
• Extends unemployment benefits for Americans seeking work.
• Delays across the board “sequester” cuts.
• Protects 47 millions seniors’ access to their doctors.
• Provides vital parity for transit, helping southeast Pennsylvanians families commute to work.
• Ensures our returning veterans have access to employment by extending business hiring tax credits.
• Extends the research & development tax credit vital to job creation in southeastern Pennsylvania’s economy.
• Provides 30 million homeowners with property tax relief.
• Helps millions of families better afford college with the tuition deduction.