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H.R. 6179 - Middle Class Savings Act
Sponsor: Andy Barr (R)
Introduced: 2018-06-21
Bill Status: Referred to the House Committee on Ways and Means.
 
Summary Not Available
Full Text


115th CONGRESS
2d Session
H. R. 6179


    To amend the Internal Revenue Code of 1986 to apply current income tax brackets to capital gains brackets.


IN THE HOUSE OF REPRESENTATIVES

June 21, 2018

    Mr. Barr (for himself, Mr. Holding, Mr. Babin, and Mr. Dunn) 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 brackets to capital gains brackets.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Middle Class Savings Act”.

SEC. 2. Application of current income tax brackets 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 “$500,00”; 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.


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