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A two-page memo laying out the framework for “Tax Reform 2.0” confirms reports that Republicans in the House of Representatives intend to legislate Universal Savings Accounts into existence.
The memo packages USAs with three other legislative objectives intended to promote “family savings,” which include expanding retirement plan sponsorship among small businesses, expanding qualified expenditures for 529 savings accounts, and allowing families to tap qualified retirement accounts penalty-free to cover the expenses of newborn babies or adopted children.
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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.
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