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The federal government is currently exploring increasing taxes on capital gains that would squash the ability of Americans to save and invest.
Conversely, the Middle Class Savings Act, as introduced by Congressman Andy Barr, aligns capital gains tax rates with the income tax brackets established under the Tax Cuts and Jobs Act of 2017.
While President Biden and Senator Bernie Sanders want to increase your taxes to pay for their $3.5 trillion spending spree, The Middle Class Savings Act builds off the success of the TCJA to help keep more money in American’s pockets.
As the economy continues to recover from the COVID-19 pandemic, it is important for lawmakers to promote pro-growth tax reforms that allow Americans to save and invest more, not less. The Middle Class Savings Act does just that.
Learn more about how President Biden’s proposal to raise the capital gains tax would harm your ability to save and invest.