April 14, 2025
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.
Section 1. Short title
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.