AMAC joins the Coalition to Support the Middle Class Savings and Investments Act – AMAC

By introducing this bill and supporting targeted tax cuts, lower- and middle-class Americans who are most affected by inflation can once again feel confident that they are saving their money and investing for their future, including families and retirees .

June 30, 2022

The Honorable Chuck Grassley
135 Hart Senate Office Building
Washington, DC 20510

Dear Senator Grassley:

On behalf of the undersigned, taxpayer advocates and fiscal responsibility, we congratulate you on introducing the Middle Class Savings and Investments Act this month.

As you know, inflation is at historic levels and has eroded the value of many Americans’ savings and
investments. Americans face significant taxes on even modest gains on their investments in these challenging times, including a 15 percent long-term capital gains rate that works out to just $41,676 of income for single filers and just $83,351 for joint filers. As you rightly point out, disincentives to save will only lead to more immediate spending, further exacerbating the nation’s inflation problem.

The Middle Class Savings and Investments Act would more than double the threshold taxpayers must reach before paying taxes on long-term capital gains to $89,075 for single filers and $178,150 for joint filers. It would also exclude up to $300 of interest income from taxation for single filers ($600 for joint filers).

By introducing this bill and supporting targeted tax cuts, lower- and middle-class Americans, who are most affected by inflation, can once again feel confident that they are saving their money and investing for their future. Those American families and retirees whose budgets are most squeezed by inflation will be able to save more when times are tough, without the burden of federal taxes. We appreciate the additional benefit of this bill in helping to contain current inflation by encouraging more savings and less consumer spending.

We also applaud you for ensuring that this pro-growth tax cut remains fiscally responsible by extending the $10,000 cap on the state and local tax deduction for three years. Government deficits still plague the US economy, but you have shown that the necessary tax cuts can be made without increasing the debt and becoming a future burden on the US economy.

Thank you for introducing the Middle Class Savings and Investments Act, and we appreciate your fellow Senators Barrasso, Daines, Lankford, Cassidy and Young for signing on as early co-sponsors. We hope that your other colleagues in the Senate will join you in passing this bill into law as soon as possible.

At your disposal,
Bob Carlstrom
President, AMAC Action

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