Fiscal Cliff Averted—Somewhat

Summary: On January 1, 2013, Congress approved H.R. 8, “the American Taxpayer Relief Act of 2012” (ATRA) to avert the “fiscal cliff,” staving off widespread tax increases and deep spending cuts. President Obama signed the bill into law on January 2, 2013. The following is a brief review of what has changed, and what has not.