The Family Savings Act would add $20.97 billion to the total debt over the 10-year budget window, from 2019 to 2028, but that's a drop in the bucket compared to the cost of the Protecting Family and Small Business Tax Cuts Act, which would make permanent the tax cuts made in last year's Tax Cuts and Jobs Act. (Photo: Fotolia)
The retirement and savings incentives that make up the Family Savings Act, one of three bills the House Ways and Means Committee will mark up on Thursday, will add to the federal deficit, according to numbers released by the Joint Committee on Taxation.
All told, the bill would add $20.97 billion to the total debt over the 10-year budget window, from 2019 to 2028.
That's a drop in the bucket compared to the cost of the Protecting Family and Small Business Tax Cuts Act, which would make permanent the tax cuts to individuals and small businesses made in last year's Tax Cuts and Jobs Act. Those cuts will otherwise sunset in 2025.
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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.
