As Congress debates extending provisions of the Tax Cuts and Jobs Act, one concept that’s gaining traction is the use of Universal Savings Accounts (USAs). Speaking before the Senate Finance Committee, Veronique de Rugy, a senior research fellow at George Mason University, said if enacted, “[USAs] will allow workers to save in one simple account from which they would withdraw without penalty for any expected or unexpected events.” She noted that like Health Savings Accounts, USAs would have “the benefit of sheltering some income from the punishing double taxation that our code imposes.” USAs are also the focus of a recent report by the Tax Foundation. Read the report: https://bit.ly/3x2Ecxq
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