Paying Mortgage Off
The American Taxpayer Relief Act of 2012 brought seven major changes to federal tax law, alterations that have affected retirement, tax and estate planning ever since. Here is an overview of ATRA’s impact.
Six tax brackets became seven. In addition to the 10%, 15%, 25%, 28%, 33% and 35% brackets, a 39.6% top bracket was installed for the highest earners. In 2015, it applies for individuals with incomes greater than $413,200 and married joint filers with incomes exceeding $464,850.1,2