Grassley Introduces Bill To Ease Inflation, Encourage Savings

(Washington, DC) — As gas prices and inflation bound into record territory, Iowa US Senator Chuck Grassley is co-sponsoring a bill he says will provide relief and protections for our savings accounts. Grassley, a Republican, 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. He 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. Grassley is seeking another six-year term in the US Senate.