On January 1, 2013 the U.S. House of Representatives passed the American Taxpayer Relief Act (ATRA) of 2012 (H.R. 8), by a margin of 257 for and 167 against. The bill now goes to the President to be signed before being enacted as law. The law will permanently extend many of the tax provisions that had been set to expire at the end of 2012. Incorporated in the bill are also some modifications to certain tax rates and benefits.
While the bill was lauded by the markets as a victory and put an end, if only temporarily, to the uncertainty surrounding the "Fiscal Cliff", the bill did not accomplish a lot in terms of tax reform or make any strides towards lowering our Federal Debt.
To see a summary of some of the most notable components of the ATRA tax bill, see our blog post at the Retirement Workshop Blog.
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Robert Henderson is the President of Lansdowne Wealth Management, an independent, fee-only advisory firm in Mystic, CT. His firm specializes in financial planning and investment management for retirement, with a special focus on the particular needs of women that are divorced or widowed. He is an Accredited Asset Management Specialist and a Certified Divorce Financial Analyst. Mr. Henderson can be reached at 860-245-5078 or bhenderson@lwmwealth.com. You can also view his personal finance blog, The Retirement Workshop at http://lwmwealth.com/blog and the firm’s website at http://www.lwmwealth.com.
