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119th CONGRESS
1st Session |
To amend the Internal Revenue Code of 1986 to apply current income tax bracket breakpoints to capital gains brackets.
Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to apply current income tax bracket breakpoints to capital gains brackets.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Middle Class Savings Act”.
SEC. 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 “$103,350”,
(2) by striking “$51,700” in clause (i)(II) and inserting “$69,200”,
(3) by striking “$479,000” in clause (ii)(I) and inserting “$626,350”,
(4) by striking “$452,400” in clause (ii)(II) and inserting “$591,600”, and
(5) by striking “$425,800” in clause (ii)(III) and inserting “$591,600”.
(b) Effective date.—The amendments made by this Act shall apply with respect to taxable years beginning after December 31, 2024.