H.R. 589 — Introduced in House

I 116th CONGRESS 1st Session H. R. 589 IN THE HOUSE OF REPRESENTATIVES January 16, 2019Mr. 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. 1. Short title This Act may be cited as the Middle Class Savings Act. 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 $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 $500,000, 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.