While Congress did not let us fall over the “fiscal cliff,” our paychecks have already taken a dive.
During the eleventh hour, Congress passed the American Taxpayer Relief Act of 2012 to prevent costly income tax increases for most Americans. The legislation also halted the expiration of certain tax credits and aid, such as unemployment benefits.
However, individuals who earn more than $400,000 and families with more than $450,000 of income can expect an income tax increase. People at those income levels will now pay a top rate of up to 39.6 percent in income taxes. >>>continue reading.