{
  "id": "R42894",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R42894",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 416992,
      "date": "2013-02-04",
      "retrieved": "2016-04-06T23:37:22.131836",
      "title": "An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012 ",
      "summary": "On December 31, 2012, a variety of temporary tax provisions that were part of the \u201cfiscal cliff\u201d expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) retroactively extended, and in certain cases modified, many of these provisions. The short time period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013 (i.e., the amount of income tax withheld from their paycheck and the availability of certain tax deductions, credits, and exclusions remained unchanged).\nThis report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the \u201cfiscal cliff deal,\u201d including \nthe permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the \u201cBush-era tax cuts\u201d;\nthe temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the \u201c2009 tax cuts\u201d;\nthe permanent extension of the alternative minimum tax (AMT) patch;\nthe temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as \u201ctax extenders\u201d; and\nthe expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans).\nATRA did not extend the payroll tax cut. The payroll tax cut\u2014temporarily enacted for 2011 and 2012\u2014reduced Social Security taxes from 6.2% to 4.2% for employees and from 12.4% to 10.4% for the self-employed on the first $110,100 of wages in 2012. In addition, P.L. 112-240 did not change another component of the fiscal cliff, namely new taxes primarily related to Medicare and enacted as part of the Affordable Care Act (ACA; P.L. 111-148, as amended), which went into effect at the beginning of 2013. \nThe Joint Committee on Taxation (JCT) estimates that the tax provisions of ATRA (Titles I-IV and Title X) would reduce revenues by $3.9 trillion over the 10-year budgetary window from 2013 to 2022 in comparison to the official current law baseline. (The official current law baseline was an estimate of future revenue if all temporary tax provisions had expired as originally scheduled.) Of this $3.9 trillion, $1.5 trillion (39%) is a result of permanently extending certain income tax provisions of the 2001 and 2003 tax cuts, $369.1 billion (9%) is a result of permanently extending and modifying estate tax provisions, $134.2 billion (3%) is a result of temporarily extending 2009 tax cut provisions, $1.8 trillion (46%) is a result of permanently extending the AMT patch, and $76.3 billion (2%) is a result of temporarily extending certain temporary expiring provisions and \u201ctax extenders.\u201d In contrast, using a current policy baseline which estimates future revenues if all temporary tax provisions (excluding the payroll tax cut) had been extended, the Administration has stated that these tax provisions would raise revenues by $618 billion.\nATRA includes other non-tax provisions, including those related to budget sequestration, emergency unemployment benefits, and Medicare. These and other policies which are not related to tax policy are not examined in this report. For an overview of all the provisions of ATRA, see CRS Report R42884, The \u201cFiscal Cliff\u201d and the American Taxpayer Relief Act of 2012, coordinated by Mindy R. Levit.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
      "formats": [
        {
          "format": "HTML",
          "encoding": "utf-8",
          "url": "http://www.crs.gov/Reports/R42894",
          "sha1": "07bad6075dca347a1b33b0cbe7823245093443fb",
          "filename": "files/20130204_R42894_07bad6075dca347a1b33b0cbe7823245093443fb.html",
          "images": null
        },
        {
          "format": "PDF",
          "encoding": null,
          "url": "http://www.crs.gov/Reports/pdf/R42894",
          "sha1": "c7cb578694276ca29dae43ac1553f575544ed9bc",
          "filename": "files/20130204_R42894_c7cb578694276ca29dae43ac1553f575544ed9bc.pdf",
          "images": null
        }
      ],
      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc462208/",
      "id": "R42894_2013Jan10",
      "date": "2013-01-10",
      "retrieved": "2014-12-05T09:57:41",
      "title": "An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012",
      "summary": "This report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the \"fiscal cliff deal,\" including the permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the \"Bush-era tax cuts\"; the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the \"2009 tax cuts\"; the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as \"tax extenders\" and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans).",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
        {
          "format": "PDF",
          "filename": "files/20130110_R42894_00cb53886f42babcb8e33f12dcbff525709ecc72.pdf"
        },
        {
          "format": "HTML",
          "filename": "files/20130110_R42894_00cb53886f42babcb8e33f12dcbff525709ecc72.html"
        }
      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Fiscal policy",
          "name": "Fiscal policy"
        },
        {
          "source": "LIV",
          "id": "Tax policy",
          "name": "Tax policy"
        },
        {
          "source": "LIV",
          "id": "Taxation",
          "name": "Taxation"
        },
        {
          "source": "LIV",
          "id": "Estate tax",
          "name": "Estate tax"
        },
        {
          "source": "LIV",
          "id": "Income tax",
          "name": "Income tax"
        }
      ]
    }
  ],
  "topics": []
}