The Middle Class Is About To Go Broke

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THE MIDDLE CLASS SAVINGS AND INVESTMENT ACT.
Video inspired by ClearValueTax:

This new bill has the SOLE PURPOSE of basically getting you to spend less money:

To start, it would CHANGE THE TAX RATES for Long Term Capital Gains.
Under this NEW proposal – this amount would be AMENDED, with a 0% long term capital gains tax on joint returns making less than $165,000 per year, or – for single filers making under $82,000 per year. This means that – for a SIGNIFICANT PORTION of the population – they would pay NO TAXES, WHATSOEVER, on investment income earned within the stock market, or real estate…and, would provide a MAJOR INCENTIVE to invest more money…rather than spend it.

Second, this bill would also allow the FIRST $300 – $600 you make in INTEREST INCOME be completely tax free, depending if you’re single or filing jointly.

Three, for my WEALTHIER viewers out there, it would also modify the NET INVESTMENT TAX, which – as of right now – applies a 3.8% surtax to investment income if you make more than $200,000 to $250,000 per year…depending on if you file single, or jointly.

And FINALLY…FOURTH…we have the “enhancement of the savers credit.”
As it stands now, the “Savers Credit” gives low and middle income Americans up to $1000 who contribute to their retirement account…and, with this new proposal…that amount would be increased to $2500, with the income limitations expanded so that more people can qualify.

PRACTICALLY, though, I’m not quite sure how these proposals would help reduce inflation. The way I see it, this only would only help those who HAVE the disposable income to invest … and, for everyone else, yes – tax credits would absolutely make a difference – but, would it result in lower food and oil prices? Probably not.

That’s why, I think it sounds like a REASONABLE proposal that would help a LOT of people…but, not for the purpose of bringing down inflation….unfortunately, that’s likely going to need a lot more sustained effort, long term…and, I wouldn’t be surprised if tax rates are negotiated, at a LATER TIME, as they’re currently set to expire at the end of 2025.

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