<p style="text-align: justify;">On January 1, 2013, Congress passed the American Taxpayer Relief Act (“2012 Taxpayer Relief Act”), which the President has vowed to sign as soon as it is ready for his signature.  The 2012 Taxpayer Relief Act will prevent many of the tax hikes scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire.  The 2012 Taxpayer Relief Act also increases income taxes for some “high-income” individuals, modifies the 2012 transfer tax rates slightly, and extends a host of expired and expiring tax breaks for businesses and individuals.  Here are a few highlights of the new legislation.  We will provide additional information regarding other provisions of the new legislation in the coming days.</p>
