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Corporate research tax credits were extended. So were others for government-approved energy initiatives. Energy-efficient new homes are subsidized. So are some existing ones, cellulosic biofuel, and Indian coal facilities.
The alternative minimum tax (AMT) became permanent. For the first time, it's automatically indexed to scandalously manipulated low inflation.
Government ends up bigger than ever. Negotiations await on spending cuts. Whatever's agreed on won't stop deficits rising exponentially.
House and Senate legislation raised taxes more than reported. Top rates go from 35 - 41%, not 39.6%. The higher figure includes phased out deductions.
The personal payroll tax rises from 4.2 - 6.2%. Doing so represents a 50% tax increase for most Americans.
The estate tax goes from 35 - 40%. Amounts under $5 million are exempted.
Capital gains and dividends taxes increase from 15 - 23.8%, not 20%. The higher figure includes a 3.8% Obamacare investment income surtax.
Five new taxes help pay for Obama's Affordable Care Act. Higher income workers now pay more for Medicare. So do people using flexible spending accounts to defray health expenses.
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