Kaine Administration Pushes Tax Credit for the Middle Class
The Kaine Administration has asked Congress to introduce the Tax Cuts for America's Middle Class Act, a bill designed to provide tax relief to millions of Americans who seek to access their own investments for life expenses. The tax credit would convert capital gains to regular income, and ensure that the first $20,000 for short-term investments and $35,000 for long-term investments is untaxed in its entirety. The bill was introduced by Rep. William Ferris (R-NV),
This legislation allows Middle Class Americans to access their retirements, their investments, at any time without penalty through the Retirement Savings Tax Credit. Whether that is as supplementary retirement income, paying for a child to go to college, a family vacation, or major home improvements, the Retirement Savings Tax Credit will be a boom for millions of Middle Class Americans. This tax credit is small enough to only impact the Middle Class, and allow retirees to access their own wealth with ease. A well-planned for future should be rewarded, not taxed as punishment for being successful.
The bill would compliment the existing Social Security and Medicare systems for retirees. Millions of Americans rely on the Social Security and Medicare systems to survive, yet many still have separate savings to help them live more comfortably. These retirees shouldn't be left paying a fortune on money they've already earned.
The Retirement Savings Tax Credit was a major component of President Kaine's support in the previous election, a tax cut that assists both seniors and middle class families. The administration is committed to tax cuts for America's growing middle class, and will continue its dedication to policies like that that will grow our economy.