Posted on Nov 20 2015
Washington, D.C. – U.S. Sen. Jeff Flake (R-Ariz.) yesterday introduced S. 2320, the Universal Savings Account (USA) Act. The bill would establish tax-free savings accounts that are intended to limit the burden of multiple layers of taxation by allowing post-tax dollars to grow tax-free and eliminating certain restrictions typically associated with other tax-advantaged savings accounts. Current federal tax law provides incentives for certain savings such as for retirement, education, and health while disincentivizing others. The USA Account Act would eliminate that tax-bias and provide individuals with more freedom to utilize their savings by letting them decide when and how to spend.
“Congress ought to be empowering individuals – not the federal government – to decide how to manage their savings, and it should start by establishing these tax-free USA Accounts,” said Flake.