American Taxpayer Relief Act

The American Taxpayer Relief Act (ATRA), enacted at the end of 2012, aimed to address federal tax issues and avoid the so-called "fiscal cliff." It made permanent tax cuts for individuals earning below $400,000 and couples under $450,000, while increasing tax rates for higher earners. The Act also extended unemployment benefits, adjusted estate tax rates, and phased out certain deductions. Overall, ATRA provided tax stability by preventing drastic increases, impacting millions of Americans while addressing budget concerns. It was a crucial measure to balance tax fairness and economic growth during a challenging fiscal period.