American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was a law aimed at addressing tax issues following the recession and the looming "fiscal cliff." It primarily made permanent tax cuts for most Americans, particularly those earning less than $400,000 individually or $450,000 for couples. The Act also increased tax rates for higher earners and extended various tax benefits, such as unemployment insurance. Additionally, it addressed issues like estate taxes and alternative minimum tax adjustments. Overall, it aimed to stabilize the economy while ensuring that wealthier individuals contribute more in taxes.