The prospect of Universal Savings Accounts is again raising questions as to whether they would inadvertently crowd out savings in qualified retirement plans. (Photo: Shutterstock)

In the coming days, Rep. Kevin Brady, R-TX, chair of the House Ways and Means Committee, is expected to circulate a discussion draft of a Tax Reform 2.0 bill with an eye to advancing a floor vote in the House this September.

The bill is expected to include a provision creating Universal Savings Accounts, which would allow any American age 18 or older to invest after-tax dollars that could grow tax-free and be withdrawn for any purpose, at any time, without penalties.

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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.

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