Tax writers on the House Ways and Means Committee are considering creating new tax-incentivized savings accounts for all Americans.
Through a spokesperson, Rep. Kevin Brady, R-TX, chair of the Ways and Means Committee and the chief writer of a tax reform bill that will be released on November 1, confirmed that Universal Savings Accounts “are part of the conversation.” He would not confirm that they would definitely be included in the bill.
Nor would Brady confirm that the creation of the new savings vehicles would be used to justify lower limits on contributions to traditional 401(k)s and IRAs.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
