Middle Class Savings Act

I 116TH CONGRESS 1ST SESSION H. R. 589 To amend the Internal Revenue Code of 1986 to apply current income tax bracket breakpoints to capital gains brackets. IN THE HOUSE OF REPRESENTATIVES JANUARY 16, 2019 Mr. BARR 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 bracket breakpoints to capital gains brackets. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Middle Class Savings 4 Act’’. 5 SEC. 2. APPLICATION OF CURRENT INCOME TAX BRACKET 6 BREAKPOINTS TO CAPITAL GAINS BRACKETS. 7 (a) IN GENERAL.—Section 1(j)(5)(B) of the Internal 8 Revenue Code of 1986 is amended— 9 VerDate Sep 11 2014 04:05 Jan 29, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H589.IH H589 kjohnson on DSK79L0C42 with BILLS 2 •HR 589 IH (1) by striking ‘‘$77,200’’ in clause (i)(I) and 1 inserting ‘‘$77,400’’, 2 (2) by striking ‘‘$51,700’’ in clause (i)(II) and 3 inserting ‘‘$51,800’’, 4 (3) by striking ‘‘$479,000’’ in clause (ii)(I) and 5 inserting ‘‘$600,000’’, 6 (4) by striking ‘‘$452,400’’ in clause (ii)(II) 7 and inserting ‘‘$500,000’’, and 8 (5) by striking ‘‘$425,800’’ in clause (ii)(III) 9 and inserting ‘‘$500,000’’. 10 (b) EFFECTIVE DATE.—The amendments made by 11 this Act shall apply with respect to taxable years begin- 12 ning after the date of enactment of this Act. 13 Æ VerDate Sep 11 2014 04:05 Jan 29, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H589.IH H589 kjohnson on DSK79L0C42 with BILLS