TAG Tax

Contact: Farhad Aghdami & Maria S. Stefanis; Williams Mullen (North Carolina & Virginia, USA)

On January 2, 2013, President Barack Obama signed The American Taxpayer Relief Act of 2012 that retains the Bush era tax rates for most taxpayers, except for those in the highest marginal brackets, and extends many credits, deductions and exclusions.  Also, in 2013, there is a 0.9% increase in the employee portion of the Medicare Tax and a new tax of 3.8% on net investment income.  These tax increases were enacted in 2010 and became effective on January 1, 2013.  The following is a brief summary of these provisions.

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