AS GAS PRICES AND INFLATION CONTINUE INTO RECORD TERRITORY, IOWA U-S SENATOR CHUCK GRASSLEY IS CO-SPONSORING A BILL HE SAYS WILL PROVIDE RELIEF AND PROTECTIONS FOR OUR SAVINGS ACCOUNTS.
GRASSLEY SAYS THE MIDDLE-CLASS SAVINGS AND INVESTMENT ACT WOULD HELP LOWER- AND MIDDLE-INCOME AMERICANS SAVE AS INFLATION OUTPACES ANY INTEREST THEY MIGHT EARN THROUGH TARGETED TAX RELIEF.
SAVINGS1 OC……..”PEOPLE’S SAVINGS” :14
GRASSLEY SAYS MANY PEOPLE ARE WATCHING THEIR SAVINGS ERODE WHILE FACING TAXES ON GAINS THAT MAY NOT BE KEEPING PACE WITH INFLATION.
THAT CREATES WHAT HE CALLS “A PERVERSE INCENTIVE TO SPEND NOW” INSTEAD OF SAVING, WHICH FURTHER FUELS INFLATION.
SAVINGS2 OC………”A CERTAIN AMOUNT” :17
GRASSLEY SAYS THE LEGISLATION WILL ENSURE THAT THOSE WHO ARE HURTING THE MOST FROM INFLATION AREN’T FURTHER BURDENED BY TAXES.
SAVINGS3 OC………” FOR THE FUTURE” :16
GRASSLEY SAYS KEY ELEMENTS OF THE BILL INCLUDE EXCLUDING A REASONABLE AMOUNT OF INTEREST INCOME FROM BEING SUBJECT TO TAX ($600 FOR MARRIED COUPLES, $300 FOR INDIVIDUALS; MORE THAN DOUBLING THE SIZE OF THE ZERO PERCENT (LOWEST) TAX BRACKET FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS AND ELIMINATING THE MARRIAGE PENALTY WHICH SUBJECTS SOME INCOME TO AN ADDITIONAL 3.8 PERCENT TAX.
