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Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010

·         Income Tax Rates – Taxpayers at every income level continue with the same rates in existence during 2010 for 2011 and 2012. The top marginal rate remains at 35%.

·         Itemized Deductions – The personal exemption phase-out and itemized deductions limitation provisions for higher income individuals is repealed for 2011 and 2012.
·         Capital Gains and Dividend Rates – Lower capital gains and dividend rates are extended for two years. The lower rates are: taxpayers below 25% bracket: 0%, taxpayers above 25% bracket 15%.
·         Social Security Tax Cut of 2% – All taxpayers, including self-employed individuals, have a one year reduction in the “social security payroll tax” of 2% in 2011. For individuals, the employee rate is reduced from 6.2% to 4.2%. The employer tax rate remains at 6.2%. For self-employed individuals, the rate is reduced from 12.4% to 10.4%.
·         Marriage Penalty Relief – The Act extends for two years the increase in the basic standard deduction for a married couple filing a joint tax return to twice the basic standard deduction for an individual filing a single tax return.
·         Alternative Minimum Tax – The AMT exemption amounts are increase to 2010 and 2011, thus sparing over 20 million households from tax increases.
·         Education Incentives – The Act extends for two years the following tax provisions relating to education
o   Coverdell Education Savings Account
o   Section 127 exclusion from income for employer-provided education assistance
o   Student loan interest deduction
o   American Opportunity tax credit for college tuition
·         Other Provisions – The Act extends the following provisions for two years
o   Child tax credit
o   Dependent care tax credit
o   Adoption tax credit
o   Employer-provided child care credit
o   Earned income credit
·         IRA Charitable Rollover – Allows individuals who are at least 70 ½ to transfer up to $100,000 per year directly to a qualified public charity without being treated as a taxable withdrawal from the IRA. The transfer can be counted toward the required minimum distribution.
·         Deduction for State and Local Sales Tax – The federal deduction for state and local sales taxes is extended for 2010 and 2011.
·         Estate and Gift Provisions – The Act generally reinstates the estate and generation-skipping transfer taxes. For 2011 and 2012, the estate tax exclusion amount is $5 million per person. The maximum estate tax rate is 35%, through 2012. For gifts made after 2010, the gift tax is reunified with the estate tax (with an exclusion of $5 million and a maximum rate of 35%).

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