Middle Class Savings Act
Sponsored By: Representative Barr
Introduced
Summary
Aligns long-term capital gains tax bracket breakpoints with current income tax bracket thresholds. The bill would amend Internal Revenue Code section 1(j)(5)(B) to replace five threshold amounts for taxable years after December 31, 2024, changing $77,200 to $103,350, $51,700 to $69,200, $479,000 to $626,350, $452,400 to $591,600, and $425,800 to $591,600, and it is titled the Middle Class Savings Act.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Higher capital gains thresholds for investors
This bill would raise the income lines used for long-term capital gains tax rates. It would replace $77,200 with $103,350 and $51,700 with $69,200. It would replace $479,000 with $626,350, $452,400 with $591,600, and $425,800 with $591,600. If your income falls between the old and new lines, more of your gains could be taxed at a lower rate. These changes would apply to tax years starting after December 31, 2024.
Sponsors & CoSponsors
Sponsor
Barr
KY • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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