The fiscal cliff got lots of hype leading into the final days of 2012 because the possibility of drastic increases in taxes and decreases in government spending. The solution to the fiscal cliff was the American Taxpayer Relief Act of 2012. This act aimed to put a stop to many of the tax increases that were set to tax effect at the end of 2012. After much negotiation the US government came to an agreement on these tax changes.
The infographic shows the 2012 tax law vs 2013 tax law and outlines the changes that were made.
Infographic Source: BackTaxesHelp.com
