S. 4393 · 117th Congress
Middle-Class Savings and Investment Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrassleySponsor7 cosponsors · 7 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides tax incentives for savings and investment for middle-income taxpayers.
What it does: CRS summary · Introduced in Senate · Jun 14, 2022
Middle-Class Savings and Investment Act
This bill provides tax incentives for savings and investment for middle-income taxpayers. Specifically, it (1) increases the current tax bracket for capital gains and dividends; (2) allows an exclusion from gross income for up to $300 of interest income received by a taxpayer; (3) increases the threshold for the net investment tax for married couples filing jointly to $400,000, adjusted for inflation (thus eliminating the tax effect known as the marriage penalty); and (4) increases the maximum contribution amount and the rate of the saver's tax credit. As an offset to the cost of these incentives, the bill extends through 2028 the limitation on the deduction for state and local taxes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Middle-Class Savings and Investment Act
Latest action (Jun 14, 2022): Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure. CR S2942-2943)
Policy area: Taxation · Origin: Senate · Introduced: Jun 14, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.