Creating Universal Savings Accounts: Tax-Free Growth and Withdrawals
This legislation establishes Universal Savings Accounts (USAs), a new savings vehicle available to individuals. Money deposited into these accounts grows and can be withdrawn completely tax-free, regardless of the purpose of the savings. This provides individuals with a flexible tool for building capital for any future need, subject to annual contribution limits.
Key points
Introduction of Universal Savings Accounts (USAs), where investment gains and all distributions are exempt from income tax.
The annual cash contribution limit starts at $10,000, potentially increasing up to $25,000 (plus inflation adjustments).
The account can be used for saving for any purpose.
Status:
Introduced
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