Middle Class Savings Act

Bill: 117-hr-3265
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2021-05-17
Policy area: Taxation
Subjects: Capital gains tax

Income tax rates

Tax administration and collection, taxpayers
Latest action: action_date: 2021-05-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-17
action_desc: Introduced in House
text: <p><b>Middle Class Savings Act</b></p> <p> This bill modifies the tax brackets that apply to taxes on capital gains. The bill aligns the thresholds with the brackets for the regular income tax rates enacted in P.L. 115-97 (commonly known as the Tax Cuts and Jobs Act). </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3265 IN THE HOUSE OF REPRESENTATIVES May 17, 2021 Mr. Barr (for himself, Mr. LaMalfa , Mr. Allen , Mr. Norman , Mr. Rutherford , Mr. Cline , and Mr. Meuser ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to apply current income tax bracket breakpoints to capital gains brackets.

1. Short title This Act may be cited as the Middle Class Savings Act . 2. Application of current income tax bracket breakpoints to capital gains brackets (a) In general Section 1(j)(5)(B) of the Internal Revenue Code of 1986 is amended— (1) by striking $77,200 in clause (i)(I) and inserting $77,400 , (2) by striking $51,700 in clause (i)(II) and inserting $51,800 , (3) by striking $479,000 in clause (ii)(I) and inserting $600,000 , (4) by striking $452,400 in clause (ii)(II) and inserting $500,000 , and (5) by striking $425,800 in clause (ii)(III) and inserting $500,000 . (b) Effective date The amendments made by this Act shall apply with respect to taxable years beginning after the date of enactment of this Act.