- Alternative Minimum Tax
- Individual Income Tax Rates
- Estate Tax
- Long-Term Capital Gains and Qualified Dividends
- Social Security Payroll Tax Reduction
The fiscal cliff refers to the predicted reduction in the budget deficit and a corresponding slowdown of the economy if specific laws are allowed to automatically expire or go into effect at the beginning of 2013. The laws include tax increases due to the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the spending reductions (sequestrations) under the Budget Control Act of 2011.
Source: AICPA press release
Contact Doeren Mayhew for more information.