The American Taxpayer Relief Act of 2012:
A) made all of the 2001 tax cuts permanent.
B) increased the top tax rate from 35% to 39.6%.
C) allowed all of the 2001 tax cuts to expire.
D) reduced the top tax rate from 39.6% to 35%.

Question

Quizplus · Accepted Answer

The American Taxpayer Relief Act of 2012 increased the top tax rate from 35% to 39.6% for individuals earning over $400,000 per year and households earning over $450,000 per year. It did make some of the other 2001 tax cuts permanent, but not all of them.