U.S. Congressman Andy Barr (KY-06) reintroduced the Middle Class Savings Act to cut capital gains rates for middle class families.
Washington, D.C.— U.S. Congressman Andy Barr (KY-06) reintroduced H.R. 3265, the Middle Class Savings Act. This legislation would align the brackets for assessing capital gains taxes with those created in the Tax Cuts and Jobs Act of 2017 to enable middle-class families to invest and save more through the stock market.
- As President Joe Biden eyes a dramatic tax hike on capital gains taxes, Congressman Barr is working to deliver important tax savings to middle-class families still reeling economically from the pandemic and recent inflation.
- This proposal also comes as Congressional Democrats are attempting to fully reinstate the state and local tax deduction (SALT), which is a tax cut for wealthy Americans.
“With the fragile state of our economy and this Administration’s tax and spend policies disrupting what was initially a strong economic recovery, middle-class families need the ability to save now more than ever,” said Congressman Barr. “That is why I am proposing this bill, to give tax relief to millions of Americans to build savings and wealth for their families."
“Congressman Barr should be applauded for introducing the Middle Class Savings Act, legislation that will cut capital gains taxes and make it easier for American families and individuals to invest and save,” said Grover Norquist, President of Americans for Tax Reform. “This legislation builds on the success of the Tax Cuts and Jobs Act and should be supported by all lawmakers.”