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News Brief

Jan. 4, 2013MO |  By: Thomack

Fiscal Cliff Deal

With the recent fiscal cliff deal, everyone will see changes in their paychecks and their savings this year.

Some income tax extensions were made, keeping taxes low for individuals making 200,000 dollars or less. However, hikes will be felt by everyone when receiving paychecks in January. Financial advisor with Edward Jones, JR Kurz says the social security tax has been increased from 4.2 percent to 6.2 percent. He says in 2013 he expects the economy to continue to grow at a slow pace.

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Kurz says right now good opportunities for long-term investors include dividend paying companies and tax-free investments. He also says clients can be happy about the estate tax exemption remaining at 5 million dollars, to be adjusted by inflation. He adds the alternative minimum tax exemption levels will now be permanently adjusted by inflation so as to not impact as many middle class individuals.