Burr Alert: The Other Side of the "Fiscal Cliff"

January 02, 2013

Congress began 2013 by passing "The American Taxpayer Relief Act of 2012" (the "Act") reflecting a plan negotiated by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) to avoid a series of tax hikes scheduled to take effect upon the expiration of the "Bush tax cuts."

Some of the more significant features of the Act are as follows:

Income tax rates. The Act maintains the "Bush" tax rates for individuals with taxable income under $400,000 ($450,000 for married individuals, $425,000 for those filing as a head of household). Taxable income over and above these thresholds is taxed at the pre-Bush maximum rate of 39.6 percent.

Capital gains and dividends. Long term capital gains and dividend income of taxpayers having taxable income below the $400,000/$450,000 levels would continue to be taxed at the 15 percent rate while individual taxpayers above those income thresholds would be subject to 20 percent rate on long term capital gains and dividends. In addition, the higher income taxpayers will be subject to tax at the rate of 23.8 percent because of an additional 3.8 percent tax that was part of the included in the 2010 "Obamacare" health care legislation.

To read more about this topic, please see full article below

Download PDF


Legal Disclaimer:
No representation is made that the quality of services to be performed is greater than the quality of legal services performed by other lawyers.

Featured Attorneys

send article

TESTIMONIALS

  • “A gentleman and a true trial attorney. He has a good way with the jury and comes across with sincerity and effectiveness.”

    -Chambers 2012

  • “Words cannot express the gratitude AVT Simulation has for Burr Forman, and particularly, Peter Vilmos in handling our corporate legal needs.  But if they did, they would be: consummate professionals, exceptional character, highly responsive, team partner, fair, informative, and committed.”

    -Cliff Ingari, Chief Operating Officer, AVT Simulation

  • “I think a lot of him. He is reasonable and logical. He is very good at getting the deal done and doing so in a collaborative way as opposed to adversarial. I always refer to him and believe he will take care of the client.”

    -Chambers 2012

  • “As a client of Burr & Forman, I feel that my organization has excellent representation.  I have consulted with Amy Jordan and Bryance Metheny on numerous issues and have always found them both to be very responsive and to clarify legal matters or concerns with a sense of urgency. Specifically, Amy has handled our EEOC claims with the utmost attention to detail and has been the reason that we were successful in defending our EEOC claims with the level of success that we have had thus far.

    When we were being inundated with unemployment decisions favoring former employees, Bryance and Amy met with our Human Resources team to instruct us on the specifics of the section of law and we have had great success in turning our experience rating and saving our company a great deal in unemployment costs.  My organization relies heavily on the attorneys at Burr & Forman to provide legal advice as it relates to our strategic initiatives and to decrease our liability as an employer.”

    -Catherine Houston, Director of Human Resources, CLP Corporation

  • “We frequently call on Kristin to provide us with guidance on various employee situations, from hiring to firing and all that goes in between.  Not only is Kristin extremely knowledgeable in the employment law arena, but we appreciate the fact that Kristin does not take a “one size fits all” approach with her clients.  Instead, she took the time to learn and know our company, so that her legal advice is always rendered after having been tailored for the specific needs of and in consideration of the character that is Southeast Roofing’s alone.” 

    -Southeast Roofing and Construction, Inc.