American Taxpayer Relief Act Of 2012

Obviously, enacted in 2013, this law signed by President Obama made many previously temporary tax rates permanent, forever and ever (at least until the Tax Cuts and Jobs Act of 2017 was passed). Highlights of the ATRA included squashing the expiration of tax breaks, kicking the can down the road on governmental spending cuts, and jacking up tax rates on rich folks.

Individuals making less than $400,000 (or $450,000 for married couples) saw their tax rates held constant with rates put into place under President George W. Bush. However, rates for incomes above that level, as well as estate taxes, were increased. Rates were also updated for capital gains and dividends (15% for most people, with a 20% maximum) while tax credits were set in stone for costs related to raising children.

Again, many of the affected rates were changed in 2017 so, while potentially interesting from an historical perspective, much of the ATRA ceased being applicable in 2018. Plop, plop, fizz, fizz.